Statute · New York Partnership Law
N.Y. P'ship Law § 121-503 — Sharing of profits and losses
N.Y. P'ship Law § 121-503
- Type
- Statute
- Source
- New York Partnership Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 121-503. Sharing of profits and losses. The profits and losses of a limited partnership shall be allocated among the partners, and among the classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not so provide, profits and losses shall be…
Citator
N.Y. P'ship Law § 121-503 — Sharing of profits and losses is in force in the current edition of the Code, and nothing recorded condemns it.
§ 121-503. Sharing of profits and losses. The profits and losses of a limited partnership shall be allocated among the partners, and among the classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not so provide, profits and losses shall be allocated on the basis of the value, as stated in the records of the limited partnership if so stated, of the contributions, but not including defaulted obligations to make contributions, of each partner to the extent they have been received by or promised to the limited partnership and have not been returned.