Michigan Laws 449.1601 – Right of partner to receive distributions before partner’s withdrawal from partnership and before dissolution and winding up of partnership
Current as of: 2024 | Check for updates
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Except as provided in this article, a partner is entitled to receive distributions from a limited partnership before the partner’s withdrawal from the limited partnership and before the dissolution and winding up of the limited partnership:
(1) To the extent and at the times or upon the happening of the events specified in the partnership agreement.
Terms Used In Michigan Laws 449.1601
- Certificate of limited partnership: means the certificate, and the certificate as amended or restated, referred to in section 201. See Michigan Laws 449.1101
- Contribution: means any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in the capacity of a partner. See Michigan Laws 449.1101
- Limited partner: means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement and named in the certificate of limited partnership as a limited partner. See Michigan Laws 449.1101
- Partner: means a limited or general partner. See Michigan Laws 449.1101
- 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.
- Partnership agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Michigan Laws 449.1101
(2) If any distribution to a limited partner constitutes a return of any part of the limited partner’s contribution under section 608(c), to the extent and at the times or upon the happening of the events specified in the certificate of limited partnership.