South Dakota § 48-7-503 - Sharing of profits and losses.
Full text of South Dakota South Dakota Codified Laws § 48-7-503 — Sharing of profits and losses., with citation guidance and answers to common questions.
§ 48-7-503. Sharing of profits and losses.
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 § 48-7-105, of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.
Source: SL 1986, ch 391, § 503.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 48-7-503
What does South Dakota Codified Laws § 48-7-503 cover?
Section 48-7-503 ("Sharing of profits and losses.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. 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 South Dakota § 48-7-503?
A common citation format is "South Dakota Codified Laws § 48-7-503" (South Dakota). 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 South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 48-7-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota 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 South Dakota.