A partner does not have a right to demand or receive any distribution from a limited partnership in any form other than cash. Subject to subdivision (b) of Section 15908.09, a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to the partner’s share of distributions.
(Amended by Stats. 2007, Ch. 130, Sec. 44. Effective January 1, 2008.)
Last modified: October 25, 2018