Settling of Accounts

1. Law
2. Georgia Code
3. Corporations, Partnerships, and Associations
4. Limited Partnerships
5. Limited Partnerships Formed Since February 15, 1952
6. Dissolution
7. Settling of Accounts

1. In settling accounts after dissolution, the liabilities of the partnership shall be entitled to payment in the following order:
   1. Those to creditors, in the order of priority as provided by law, except those to limited partners on account of their contributions and to general partners;
   2. Those to limited partners in respect to their share of the profits and other compensation by way of income on their contributions;
   3. Those to limited partners in respect to the capital of their contributions;
   4. Those to general partners other than for capital and profits;
   5. Those to general partners in respect to profits;
   6. Those to general partners in respect to capital.
2. Subject to any statement in the certificate required under Code Section 14-9A-20 or to subsequent agreement, limited partners share in the partnership assets in respect to their claims for capital, and in respect to their claims for profits or for compensation by way of income on their contributions respectively, in proportion to the respective amounts of such claims.

(Ga. L. 1952, p. 375, § 23; Code 1981, §14-9-91; Code 1981, §14-9A-91, as redesignated by Ga. L. 1988, p. 1016, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 59A Am. Jur. 2d, Partnership, § 899.

C.J.S.

- 68 C.J.S., Partnership, § 610 et seq.

U.L.A.

- Uniform Limited Partnership Act (U.L.A.), § 23.

ALR.

- Meaning and coverage of "book value" in partnership agreement in determining value of partner's interest, 47 A.L.R.2d 1425.

ARTICLE 2 LIMITED PARTNERSHIPS FORMED PRIOR TO FEBRUARY 15, 1952

Law reviews.

- For article comparing treatment of limited partner status in Georgia and New York, see 11 Ga. B. J. 176 (1948).

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