The profits and losses of a limited partnership shall be allocated among the partners, and among classes or groups of partners, in the manner provided in the partnership agreement. If the partnership agreement does not so provide, profits and losses shall be allocated on the basis of the agreed value (as stated in the records of the limited partnership) of the contributions made by each partner to the extent they have been received by the limited partnership and have not been returned.
Tenn. Code Ann. § 61-2-503
Allocation of profits and losses
Known as the Tennessee Uniform Limited Partnership Act
The act spans §§ 61-2-1001 to 61-3-906 (205 sections).
Acts 1988, ch. 922, § 1.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.