Ohio Code § 1776.24
Ohio Code § 1776.24. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1776.24.
(A) The contribution of a partner may be in cash, property, or services rendered, or
a promissory note or other obligation to contribute cash or property or to perform
services. (B) A partner is obligated to the partnership to perform any promise to contribute cash,
property, or services even if the partner is unable to perform because of death, disability,
or any other reason. If a partner does not make the required contribution of property or services, the
partner is obligated, at the option of the partnership, to contribute cash equal to
the value of the contribution that has not been made. The foregoing option is in addition to, and not in lieu of, any other rights, including
the right to specific performance, that the partnership may have against a partner
under the partnership agreement or applicable law. (C) A partnership agreement may provide that the partnership interest of any partner
who fails to make any required contribution is subject to specified penalties for,
or specified consequences of, that failure. The penalty or consequence may take the form of reducing or eliminating the defaulting
partner's interest in the partnership, subordinating the partner's partnership interest
to that of nondefaulting partners, a forced sale of the partner's partnership interest,
forfeiture of the partner's partnership interest, the lending by other partners of
the amount necessary to meet the partner's commitment, a fixing of the value of the
partner's partnership interest by appraisal or by formula and the redemption or sale
of the partner's partnership interest at that value, or any other penalty or consequence.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1776.24
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 1776.24?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1776.24 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1776.24 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.