onecle - legal research

Court Opinions

US Supreme Court
US Tax Court
Board of Patent Appeals

State Laws

Alabama
Arizona
California
Florida
Georgia
Illinois
Indiana
Massachusetts
Michigan
Nevada
New Jersey
New York
North Carolina
Oregon
Pennsylvania
Texas
Virginia
Washington

US Code

1 USC - General Provisions
2 USC - The Congress
3 USC - The President
4 USC - Flag and Seal
5 USC - Gov't Organization
6 USC - Domestic Security
7 USC - Agriculture
8 USC - Aliens and Nationality
9 USC - Arbitration
10 USC - Armed Forces
11 USC - Bankruptcy
12 USC - Banks and Banking
13 USC - Census
14 USC - Coast Guard
15 USC - Commerce and Trade
16 USC - Conservation
17 USC - Copyrights
18 USC - Crimes
19 USC - Customs Duties
20 USC - Education
21 USC - Food and Drugs
22 USC - Foreign Relations
23 USC - Highways
24 USC - Hospitals
25 USC - Indians
26 USC - Internal Revenue Code
27 USC - Intoxicating Liquors
28 USC - Judiciary
29 USC - Labor
30 USC - Mineral Lands
31 USC - Money and Finance
32 USC - National Guard
33 USC - Navigation
34 USC - Navy (repealed)
35 USC - Patents
36 USC - Patriotic Societies
37 USC - Uniformed Services
38 USC - Veterans' Benefits
39 USC - Postal Service
40 USC - Public Property
41 USC - Public Contracts
42 USC - Public Health
43 USC - Public Lands
44 USC - Public Printing
45 USC - Railroads
46 USC - Shipping
47 USC - Telecom
48 USC - Territories
49 USC - Transportation
50 USC - War

US Constitution

Preamble
Art. I - Legislative
Art. II - Executive
Art. III - Judicial
Art. IV - States' Relations
Art. V - Mode of Amendment
Art. VI - Prior Debts
Art VII - Ratification

Allocation of Profits and Losses Among Partners; Determining Value of Contributions - Mich. Comp. Laws Section 449.1503

Legal Research Home > Michigan Laws > Partnerships > Allocation of Profits and Losses Among Partners; Determining Value of Contributions - Mich. Comp. Laws Section 449.1503

449.1503 Allocation of profits and losses among partners; determining value of contributions.

Sec. 503.

The profits and losses of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, profits and losses shall be allocated on the basis of the value of the contributions made by each partner to the extent they have been received by the partnership and have not been returned. For purposes of this section, the value of the contributions made by each limited partner shall be as stated in the certificate of limited partnership, and the value of the contributions made by each general partner shall be as stated in the partnership agreement, and if the partnership agreement does not so state, the value of the contributions made by each general partner shall be as stated in the books and records of the partnership or determined by any other reasonable method.


History: 1982, Act 213, Eff. Jan. 1, 1983

Section:  Previous  449.1401  449.1402  449.1403  449.1404  449.1405  449.1501  449.1502  449.1503  449.1504  449.1601  449.1602  449.1603  449.1604  449.1605  449.1606  Next

Last modified: March 17, 2013


Business Contracts