Ohio § 1776.24
Full text of Ohio Ohio Revised Code § 1776.24, with citation guidance and answers to common questions.
§ 1776.24.
(A) The contribution of a partner may be in cash, property, or services rendered, or
a promissory note or other obligation to contribute cash or property or to perform
services. (B) A partner is obligated to the partnership to perform any promise to contribute cash,
property, or services even if the partner is unable to perform because of death, disability,
or any other reason. If a partner does not make the required contribution of property or services, the
partner is obligated, at the option of the partnership, to contribute cash equal to
the value of the contribution that has not been made. The foregoing option is in addition to, and not in lieu of, any other rights, including
the right to specific performance, that the partnership may have against a partner
under the partnership agreement or applicable law. (C) A partnership agreement may provide that the partnership interest of any partner
who fails to make any required contribution is subject to specified penalties for,
or specified consequences of, that failure. The penalty or consequence may take the form of reducing or eliminating the defaulting
partner's interest in the partnership, subordinating the partner's partnership interest
to that of nondefaulting partners, a forced sale of the partner's partnership interest,
forfeiture of the partner's partnership interest, the lending by other partners of
the amount necessary to meet the partner's commitment, a fixing of the value of the
partner's partnership interest by appraisal or by formula and the redemption or sale
of the partner's partnership interest at that value, or any other penalty or consequence.
Frequently Asked Questions About Ohio § 1776.24
What does Ohio Revised Code § 1776.24 cover?
Section 1776.24 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 1776.24?
A common citation format is "Ohio Revised Code § 1776.24" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1776.24 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.