South Carolina Code 33-42-840. Sharing of distributions
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Terms Used In South Carolina Code 33-42-840
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Partner: means a limited or general partner. See South Carolina Code 33-42-20
- 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 agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See South Carolina Code 33-42-20
Distributions of cash or other assets of a limited partnership must 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, distributions shall be made on the basis of the value (as stated in the partnership records required to be kept pursuant to § 33-42-60) of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.