(1) A partner, regardless of the nature of the partner’s contribution, has no right to demand or receive any distribution from a limited partnership in any form other than cash. A limited partnership may distribute an asset in kind only to the extent that each partner receives a percentage of the asset equal to the partner’s share of distributions.
(2) The property of a limited partnership subject to this subchapter shall not be subject to KRS § 381.135(1)(a)1.

Terms Used In Kentucky Statutes 362.2-506

  • Contribution: means any benefit provided by a person to a limited partnership in
    order to become a partner or in the person's capacity as a partner. See Kentucky Statutes 362.2-102
  • Partner: means a limited partner or general partner. See Kentucky Statutes 362.2-102
  • 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.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010

Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 134, effective July 12, 2006.

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