California Corporations Code 15905.06 – A partner does not have a right to demand or receive any distribution …
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A partner does not have a right to demand or receive any distribution from a limited partnership in any form other than cash. Subject to subdivision (b) of Section 15908.09, a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to the partner’s share of distributions.
(Amended by Stats. 2007, Ch. 130, Sec. 44. Effective January 1, 2008.)
Terms Used In California Corporations Code 15905.06
- 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.