N.Y. PTR Law § 121-503
This is the official text of N.Y. PTR Law § 121-503, part of New York’s PTR Law — part of the compiled statutory law of New York, published by the state as "PTR Law." Browse the sections below, each linked to its official government source.
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Sharing of profits and losses
Official statutory text
§ 121-503. Sharing of profits and losses. The profits and losses of a\nlimited partnership shall be allocated among the partners, and among the\nclasses of partners, in the manner provided in the partnership\nagreement. If the partnership agreement does not so provide, profits and\nlosses shall be allocated on the basis of the value, as stated in the\nrecords of the limited partnership if so stated, of the contributions,\nbut not including defaulted obligations to make contributions, of each\npartner to the extent they have been received by or promised to the\nlimited partnership and have not been returned.\n
Status: in_force · Read it on the official government site
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