Michigan § 449.1503 - Allocation of profits and losses among partners; determining value of contributions.
Full text of Michigan Michigan Compiled Laws § 449.1503 — Allocation of profits and losses among partners; determining value of contributions., with citation guidance and answers to common questions.
§ 449.1503. Allocation of profits and losses among partners; determining value of contributions.
The profits and losses of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, profits and losses shall be allocated on the basis of the value of the contributions made by each partner to the extent they have been received by the partnership and have not been returned. For purposes of this section, the value of the contributions made by each limited partner shall be as stated in the certificate of limited partnership, and the value of the contributions made by each general partner shall be as stated in the partnership agreement, and if the partnership agreement does not so state, the value of the contributions made by each general partner shall be as stated in the books and records of the partnership or determined by any other reasonable method.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 449.1503
What does Michigan Compiled Laws § 449.1503 cover?
Section 449.1503 ("Allocation of profits and losses among partners; determining value of contributions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 449.1503?
A common citation format is "Michigan Compiled Laws § 449.1503" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 449.1503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.