Connecticut General Statutes 34-20b – Distributions and allocation of cash or other assets to partners
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Distributions of cash or other assets of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not so provide, distributions shall be made on the basis of the value, as stated in the partnership agreement, of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.
Terms Used In Connecticut General Statutes 34-20b
- 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 Connecticut General Statutes 34-9
- 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 Connecticut General Statutes 34-9