The profits and losses of a limited partnership shall be allocated among the partners in the manner provided in the partnership agreement. If the partnership agreement does not otherwise provide, profits and losses shall be allocated in the same manner as the partners share distributions.
Cal. Corp. Code § 15905.035
Contributions and Distributions
Known as the Uniform Limited Partnership Act
The act spans §§ 15900–15912 (125 sections).
Added by Stats. 2006, Ch. 495, Sec. 20
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.