State Codes and Statutes

Statutes > Utah > Title-48 > Chapter-02a > 48-2a-503

48-2a-503. Sharing of profits and losses.
The profits and losses of a limited partnership shall be allocated among the partners, andamong classes of partners, in the manner provided in writing in the partnership agreement. If thepartnership agreement does not provide in writing, profits, and losses shall be allocated on thebasis of the value, as stated in the partnership records required to be kept pursuant to Section48-2a-105, of the contributions made by each partner to the extent they have been received by thepartnership and have not been returned.

Enacted by Chapter 233, 1990 General Session