South Dakota Codified Laws 48-7-504. Sharing of distributions
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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 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 § 48-7-105, 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 South Dakota Codified Laws 48-7-504
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
Source: SL 1986, ch 391, § 504.