All deductions, credits, income, gains, losses, and distributions 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, all allocations shall be made on the basis of the amount, as stated in the partnership records required to be kept pursuant to Code Section 14-9-105, of the contributions made by each partner to the extent that they have been received by the partnership and have not been returned.
(Code 1981, §14-9-503, enacted by Ga. L. 1988, p. 1016, § 1.)
RESEARCH REFERENCES
C.J.S.
- 68 C.J.S., Partnership, § 610 et seq.
ALR.- Release of one joint tortfeasor as discharging liability of others under Uniform Contribution Among Tortfeasors Act and other statutes expressly governing effect of release, 6 A.L.R.5th 883.
ARTICLE 6 DISTRIBUTIONS AND WITHDRAWAL
Administrative Rules and Regulations.
- Cancellations, Revocations and Withdrawals, Official Compilation of the Rules and Regulations of the State of Georgia, Office of Secretary of State, Limited Partnerships, Commissioner of Corporations, Chapter 590-7-16.