Answer First
Primary Text
In settling accounts after dissolution the
liabilities of the partnership shall be entitled to payment
in the following order:
(1) Those to creditors, in the order of priority as provided
by law, except those to limited partners on account of
their contributions, and to general partners;
(2) Those to limited partners in respect to their share of
the profits and other compensation by way of income on
their contributions;
(3) Those to limited partners in respect to the capital of
their contributions;
(4) Those to general partners other than for capital and
profits;
(5) Those to general partners in respect to profits;
(6) Those to general partners in respect to capital.
Subject to any statement in the certificate or to
subsequent agreement, limited partners share in the
partnership assets in respect to their claims for capital,
and in respect to their claims for profits or for
compensation by way of income on their contribution
respectively, in proportion to the respective amounts of
such claims.
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