A. Each partner is deemed to have an account that is:
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; and
2. 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.
B. Each partner is entitled to an equal share of the partnership profits and is chargeable with a share of the partnership losses in proportion to the partner's share of the profits.
C. A partnership shall reimburse a partner for payments made and indemnify a partner for liabilities incurred by the partner in the ordinary course of the business of the partnership or for the preservation of its business or property; however, no person shall be required as a consequence of the indemnification to make any payment to the extent that the payment would be inconsistent with subsections B and C of § 50-73.96.
D. A partnership shall reimburse a partner for an advance to the partnership beyond the amount of capital the partner agreed to contribute.
E. A payment or advance made by a partner which gives rise to a partnership obligation under subsections C or D constitutes a loan to the partnership which accrues interest from the date of the payment or advance.
F. Each partner has equal rights in the management and conduct of the partnership business.
G. A partner may use or possess partnership property only on behalf of the partnership.
H. A partner is not entitled to remuneration for services performed for the partnership, except for reasonable compensation for services rendered in winding up the business of the partnership.
I. A person may become a partner only with the consent of all of the partners.
J. A difference arising as to a matter in the ordinary course of business of a partnership may be decided by a majority of the partners. An act outside the ordinary course of business of a partnership and an amendment to the partnership agreement may be undertaken only with the consent of all of the partners.
K. This section does not affect the obligations of a partnership to other persons under § 50-73.91.
1996, c. 292.
Notes of Decisions
Cited in
7
cases (
3 in the last 5 years), 2001–2024 · leading case:
Phyllis Adele Johnson (Bankr. W.D. Va. 2020).
Phyllis Adele Johnson (Bankr. W.D. Va. 2020).
· cites it 19× “00 capital contribution, a $5,000.00 credit, and when the capital contribution is due to be reimbursed.”
Friedberg v. Hague Park Apts., 61 Va. Cir. 589 (2001).
· cites it 3× “Since no provision of VRULPA supercedes Code § 50-73.99(H), this provision constitutes the default rule for limited partnerships and applies unless trumped by an inconsistent provision in a limited partnership agreement.”
Danette Mertz v. Cynthia Sullivan (Va. Ct. App. 2024).
· cites it 8× “” Code § 50-73.99(A). Each partner has a capital account with that partner’s credits and charges.”
Hoffman P'ship, LLP v. Circuit Court of Spotsylvania Cnty. (Va. Ct. App. 2020).
· cites it 2× “Petition for Writ of Prohibition Petitioners argue that the circuit court’s pendente lite and contempt order infringe upon their statutory rights under Code § 50-73.99 to participate in the management and conduct of the partnership.”
Woodie v. Woodie, 73 Va. Cir. 394 (Roanoke County Cir. Ct. 2007).
· cites it 3× “The partnership loans made by father were in fact made “in the ordinary course of the business of the partnership or for the preservation of its business or property____” as contemplated by § 50-73.”
— Va. Code Ann. § 50-73.99(A) — 3 cases
— Va. Code Ann. § 50-73.99(A)(1) — 3 cases
— Va. Code Ann. § 50-73.99(A)(2) — 3 cases
— Va. Code Ann. § 50-73.99(B) — 3 cases
— Va. Code Ann. § 50-73.99(C) — 2 cases
Phyllis Adele Johnson (Bankr. W.D. Va. 2020).
“00 capital contribution, a $5,000.00 credit, and when the capital contribution is due to be reimbursed.”
Woodie v. Woodie, 73 Va. Cir. 394 (Roanoke County Cir. Ct. 2007).
“The partnership loans made by father were in fact made “in the ordinary course of the business of the partnership or for the preservation of its business or property____” as contemplated by § 50-73.”
— Va. Code Ann. § 50-73.99(D) — 2 cases
Phyllis Adele Johnson (Bankr. W.D. Va. 2020).
“00 capital contribution, a $5,000.00 credit, and when the capital contribution is due to be reimbursed.”
Woodie v. Woodie, 73 Va. Cir. 394 (Roanoke County Cir. Ct. 2007).
“The partnership loans made by father were in fact made “in the ordinary course of the business of the partnership or for the preservation of its business or property____” as contemplated by § 50-73.”
— Va. Code Ann. § 50-73.99(F) — 1 case
Phyllis Adele Johnson (Bankr. W.D. Va. 2020).
“00 capital contribution, a $5,000.00 credit, and when the capital contribution is due to be reimbursed.”
— Va. Code Ann. § 50-73.99(H) — 2 cases
Friedberg v. Hague Park Apts., 61 Va. Cir. 589 (2001).
“Since no provision of VRULPA supercedes Code § 50-73.99(H), this provision constitutes the default rule for limited partnerships and applies unless trumped by an inconsistent provision in a limited partnership agreement.”
Phyllis Adele Johnson (Bankr. W.D. Va. 2020).
“00 capital contribution, a $5,000.00 credit, and when the capital contribution is due to be reimbursed.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.