Revised Code of Washington - RCW Title 25 Partnerships - Section 25.12.070 Withdrawal of stock and profits -- Effect

§ 25.12.070. Withdrawal of stock and profits -- Effect

During the continuance of any partnership formed under this chapter no part of the capital stock thereof shall be withdrawn, nor any division of interests or profits be made, so as to reduce such capital stock below the sum stated in the certificate of partnership before mentioned; and if at any time during the continuance or at the termination of such partnership, the property or assets thereof are not sufficient to satisfy the partnership debts then the special partners shall be severally liable for all sums or amounts by them in any way received or withdrawn from such capital stock, with interest thereon from the time they were so received or withdrawn respectively.

[1955 c 15 § 25.12.070. Prior: 1869 p 381 § 7; RRS § 9972.]

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Last modified: April 7, 2009