Section 10-9B-503 Sharing of profits and losses. - Alabama Statutes

Section 10-9B-503

Sharing of profits and losses.

REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

The profits and losses of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in writing in the partnership agreement. In the case of a partnership formed under this chapter, if the partnership agreement does not so provide in writing, profits and losses shall be allocated on the basis of the value, as stated in the partnership records required to be kept pursuant to Section 10-9B-105, of the contributions made by each partner to the extent they have been paid, conveyed, or rendered to the partnership and have not been returned.

(Act 97-921, 1st Ex. Sess., p. 335, §1.)