Section 121-503. Sharing of profits and losses

Latest version.

The profits and losses of a
  limited partnership shall be allocated among the partners, and among the
  classes  of  partners,  in  the  manner  provided  in  the   partnership
  agreement. If the partnership agreement does not so provide, profits and
  losses  shall  be  allocated on the basis of the value, as stated in the
  records of the limited partnership if so stated, of  the  contributions,
  but  not  including defaulted obligations to make contributions, of each
  partner to the extent they have been received  by  or  promised  to  the
  limited partnership and have not been returned.

                    
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