Kansas Statutes 56-1a,354. Distribution upon withdrawal
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 56-1a,354
- Partner: means a limited or general partner. See Kansas Statutes 56-1a,101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Except as provided in Kan. Stat. Ann. §§ 56-1a351 through 56-1a358, upon withdrawal any withdrawing partner is entitled to receive any distribution to which the partner is entitled under the partnership agreement. If not otherwise provided in the agreement, the withdrawing partner is entitled to receive, within a reasonable time after withdrawal, the fair value of the partner’s interest in the limited partnership as of the date of withdrawal, based upon the partner’s right to share in distributions from the limited partnership.