2010 Mississippi Code
TITLE 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS
Chapter 14 - Mississippi Limited Partnership Act.
79-14-503 - Sharing of profits and losses.
§ 79-14-503. Sharing of profits and losses.
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. If the partnership agreement does not so provide in writing, profits and losses must be allocated 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, § 503, eff from and after January 1, 1988.
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