79-14-504 - Sharing of distributions. - Mississippi Statutes

§ 79-14-504. Sharing of distributions.
 

Distributions of cash or other assets of a limited partnership must be allocated among the partners, and among classes of partners, in the manner provided in writing in the partnership agreement. If the partnership agreement does not so provide in writing, distributions must be made on the basis of the value, as stated in the partnership records required to be kept pursuant to Section 79-14-105, of the contributions made by each partner to the extent they have been received by the limited partnership and have not been returned. 
 

Sources: Laws,  1987, ch. 488, § 504, eff from and after January 1, 1988.