N.Y. Partnership Law § 121-503

§ 121-503. Sharing of profits and losses. The profits and losses of a\nlimited partnership shall be allocated among the partners, and among the\nclasses of partners, in the manner provided in the partnership\nagreement. If the partnership agreement does not so provide, profits and\nlosses shall be allocated on the basis of the value, as stated in the\nrecords of the limited partnership if so stated, of the contributions,\nbut not including defaulted obligations to make contributions, of each\npartner to the extent they have been received by or promised to the\nlimited partnership and have not been returned.\n