N.Y. Partnership Law § 121-503: Sharing of profits and losses

§ 121-503. Sharing of profits and losses. The profits and losses of a

limited partnership shall be allocated among the partners, and among the

classes of partners, in the manner provided in the partnership

agreement. If the partnership agreement does not so provide, profits and

losses shall be allocated on the basis of the value, as stated in the

records of the limited partnership if so stated, of the contributions,

but not including defaulted obligations to make contributions, of each

partner to the extent they have been received by or promised to the

limited partnership and have not been returned.