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 shall be allocated on the basis of the value (as stated in the partnership records required to be kept pursuant to SECTION 33-42-60) of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.
S.C. Code Ann. § 33-42-830
Sharing of profits and losses
Known as the Uniform Limited Partnership Act
The act spans §§ 33–33 (73 sections).
Applied in 1 court decision — leading case Wilson v. Friedberg (1996)
Most recently applied in Wilson v. Friedberg (July 1996)
1984 Act No. 491, SECTION 1; 1985 Act No. 11, SECTIONS 3, 4; 1986 Act No. 533, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.