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Fla. Stat. § 620.1503

Sharing of profits, losses, and distributions

Known as the Florida Revised Uniform Limited Partnership Act

The act spans §§ 620.1101–620.2205 (121 sections).

History.--s. 17, ch. 2005-267.

(1) Profits and losses of a limited partnership shall be allocated among the partners on the basis of the value, as stated in the required records when the limited partnership makes the allocations, of the contributions the limited partnership has received from each partner.

(2) Distributions by a limited partnership shall be shared by the partners on the basis of the value, as stated in the required records when the limited partnership decides to make the distribution, of the contributions the limited partnership has received from each partner.

Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.