18 Guam Code Ann. § 27405
Terms Used In 18 Guam Code Ann. § 27405
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
(a) 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,
(b) Those to limited partners in respect to their share of the profits and other compensation by way of income of their contributions,
(c) Those to limited partners in respect to the capital of their contributions,
(d) Those to general partners other than for capital and profits, (e) Those to general partners in respect to profits,
(f) Those to general partners in respect to capital.
COL120106
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 27 LIMITED PARTNERSHIPS
(2) Subject to any statement in the certificate 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 compensa- tion by way of income on their contributions respectively, in proportion to the respective amounts of such claims.
SOURCE: CC § 2499.