The profits and losses of a limited partnership shall 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 § 50-73.8, of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.
Va. Code Ann. § 50-73.34
Sharing of profits and losses
Known as the Virginia Revised Uniform Limited Partnership Act
The act spans §§ 50-73.1 to 50-73.9 (105 sections).
1985, c. 607; 1987, c. 702.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.