Hawaii Revised Statutes 425E-503 – Sharing of distributions
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Terms Used In Hawaii Revised Statutes 425E-503
- Distribution: means a transfer of money or other property from a limited partnership to a partner in the partner's capacity as a partner or to a transferee on account of a transferable interest owned by the transferee. See Hawaii Revised Statutes 425E-102
- Partner: means a limited partner or general partner. See Hawaii Revised Statutes 425E-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.
A distribution by a limited partnership shall be shared among the partners on the basis of the value, as stated in the required records when the limited partnership decides to make the distribution, of the contributions the limited partnership has received from each partner.