The 2023 Florida Statutes (including Special Session C)

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 620
PARTNERSHIP LAWS

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F.S. 620.8807

620.8807 Settlement of accounts and contributions among partners.—

(1) In winding up a partnership’s business, the assets of the partnership, including the contributions of the partners required by this section, must be applied to discharge the partnership’s obligations to creditors, including, to the extent permitted by law, partners who are creditors. Any surplus must be applied to pay in cash the net amount distributable to partners in accordance with their right to distributions under subsection (2).

(2) Each partner is entitled to a settlement of all partnership accounts upon winding up the partnership business. In settling accounts among the partners, profits and losses that result from the liquidation of the partnership assets must be credited and charged to the partners’ accounts. The partnership shall make a distribution to a partner in an amount equal to any excess of the credits over the charges in the partner’s account but excluding from the calculation charges attributable to an obligation for which the partner is not personally liable under s. 620.8306. A partner shall contribute to the partnership an amount equal to any excess of the charges over the credits in the partner’s account.

(3) If a partner fails to contribute the full amount required under subsection (2), all of the other partners shall contribute, in the proportions in which those partners share partnership losses, the additional amount necessary to satisfy the partnership obligations for which they are personally liable under s. 620.8306. A partner or partner’s legal representative may recover from the other partners any contributions the partner makes to the extent the amount contributed exceeds that partner’s share of the partnership obligations for which the partner is personally liable under s. 620.8306.

(4) After the settlement of accounts, each partner shall contribute, in the proportion in which the partner shares partnership losses, the amount necessary to satisfy partnership obligations that were not known at the time of the settlement and for which the partner is personally liable under s. 620.8306.

(5) The estate of a deceased partner is liable for such partner’s obligation to contribute to the partnership.

(6) An assignee for the benefit of creditors of a partnership or a partner, or a person appointed by a court to represent creditors of a partnership or a partner, may enforce a partner’s obligation to contribute to the partnership.

History.—s. 13, ch. 95-242; s. 18, ch. 99-285.

F.S. 620.8807 on Google Scholar

F.S. 620.8807 on Casetext

Amendments to 620.8807

Arrestable Offenses / Crimes under Fla. Stat. 620.8807

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 620.8807.

Annotations, Discussions, Cases:

Cases from cite.case.law:

In J. KANE, P. A. C. P. A. S. P. A. v. J. In N. P. A. C. P. A. S. P. A. v. N., 470 B.R. 902 (Bankr. S.D. Fla. 2012)

. . . . § 620.8807. The Court notes that in addressing this argument the Defendants cited Fla. . . .

J. GLICK J. a v. E. RETAMAR E. P. A., 922 So. 2d 1108 (Fla. Dist. Ct. App. 2006)

. . . partners’ subsequent actions and that the parties were, therefore, subject to their agreement and section 620.8807 . . .

In UNITED PETROLEUM GROUP, INC. H. T. Co. v. REWJB n k a C- LLP,, 311 B.R. 307 (Bankr. S.D. Fla. 2004)

. . . . § 620.8807. . . .

A. SHEPHARD, v. R. OUELLETE,, 854 So. 2d 251 (Fla. Dist. Ct. App. 2003)

. . . . §§ 620.8801-620.8807, Fla. Stat. (2001). . . .