California Corporations Code

§ 16401

CORP § 16401 Effective Jan 1, 1997Title 2 · Ch. 5 · Art. 4

Statute text

(a)Each partner is deemed to have an account that is subject to both of the following:

(1)Credited with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, the partner contributes to the partnership and the partner’s share of the partnership profits.

(2)Subject to Sections 16306 and 16957, charged with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, distributed by the partnership to the partner and the partner’s share of the partnership losses.

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Legislative history

Added by Stats. 1996, Ch. 1003, Sec. 2. Effective January 1, 1997.