The profits and losses of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in writing in the partnership agreement. If the partnership agreement does not so provide in writing, profits and losses shall be allocated on the basis of the value as stated in the partnership records required to be kept pursuant to section 29-305 of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.
A.R.S. § 29-329
Sharing of profits and losses
Applied in 1 court decision — leading case 8 Ariz. App. 424 - Kitchell Corporation v. Hermansen (1968)
Most recently applied in 8 Ariz. App. 424 - Kitchell Corporation v. Hermansen (November 1968)
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.