Louisiana § RS 47:216 - Payments to a retiring partner or a deceased partner's successor in interest
Full text of Louisiana Louisiana Civil Code § RS 47:216 — Payments to a retiring partner or a deceased partner's successor in interest, with citation guidance and answers to common questions.
§ RS 47:216. Payments to a retiring partner or a deceased partner's successor in interest
A. Payments considered as distributive share or guaranteed payment. Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as provided in Subsection B of this Section, be considered:
(1) as a distributive share to the recipient of partnership income if the amount thereof is determined with regard to the income of the partnership, or
(2) as a guaranteed payment described in R.S. 47:207 C if the amount thereof is determined without regard to the income of the partnership.
B. Payments for interest in partnership.
(1) General rule. Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, to the extent such payments (other than payments described in Subsection B(2) of this Section) are determined, under the regulations prescribed by the collector, to be made in exchange for the interest of such partner in partnership property, be considered as a distribution by the partnership and not as a distributive share or guaranteed payment under Subsection A of this Section.
(2) Special rules. For purposes of this Subsection, payments in exchange for an interest in partnership property shall not include amounts paid for good will of the partnership, except to the extent that the partnership agreement provides for a payment with respect to good will.
Added by Acts 1958, No. 441, §2.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 47:216
What does Louisiana Civil Code § RS 47:216 cover?
Section RS 47:216 ("Payments to a retiring partner or a deceased partner's successor in interest") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 47:216?
A common citation format is "Louisiana Civil Code § RS 47:216" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 47:216 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.