178.0405 Sharing of and right to distributions before dissolution.
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/wi/chapter-178/178-0405-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
178.0405 Sharing of and right to distributions before dissolution.
(1)Any distribution made by a partnership before its dissolution and winding up must be in equal shares among partners, except to the extent necessary to comply with a transfer effective under s. 178.0503 or charging order in effect under s. 178.0504 .
(2)Subject to s. 178.0701 , a person has a right to a distribution before the dissolution and winding up of a partnership only if the partnership decides to make an interim distribution.
(3)A person does not have a right to demand or receive a distribution from a partnership in any form other than money. Except as otherwise provided in s. 178.0806
(6), a partnership may distribute an asset in kind only if each part of the asset is fungible with each other part and each person receives a percentage of the asset equal in value to the person’s share of distributions.
(4)If a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the partnership with respect to the distribution. However, the partnership’s obligation to make a distribution is subject to offset for any amount owed to the partnership by the partner or a person dissociated as partner on whose account the distribution is made.