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Allocation of Cash and Other Assets Among Partners; Determining Value of Contributions - Mich. Comp. Laws Section 449.1504

Legal Research Home > Michigan Laws > Partnerships > Allocation of Cash and Other Assets Among Partners; Determining Value of Contributions - Mich. Comp. Laws Section 449.1504

449.1504 Allocation of cash and other assets among partners; determining value of contributions.

Sec. 504.

Distributions of cash or other assets 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, distributions shall be made on the basis of the value of the contributions made by each partner to the extent the contributions 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  449.1402  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  449.1607  Next

Last modified: March 17, 2013


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