The profits and losses of a limited partnership must 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 must be allocated on the basis of the value, as stated in the partnership records required to be kept pursuant to NRS 88.335, of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.
NRS 88.480
Sharing of profits and losses among partners
Known as the Uniform Limited Partnership Act
The act spans §§ 88–88 (109 sections).
(Added to NRS by 1985, 1288; A 1987, 74)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.