South Dakota Codified Laws 48-7-604. Distribution upon withdrawal
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Except as provided in §§ 48-7-601 to 48-7-608, inclusive, upon withdrawal any withdrawing partner is entitled to receive any distribution to which he is entitled under the partnership agreement and, if not otherwise provided in the agreement, he is entitled to receive, within a reasonable time after withdrawal, the fair value of his interest in the limited partnership as of the date of withdrawal based upon his right to share in distributions from the limited partnership.
Terms Used In South Dakota Codified Laws 48-7-604
- 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, § 604.