What Happens to Membership Units After Payback

[Daniel G.]

Hi BP Members,

My question is simple (I think). What happens to membership units after all limited partner's have had their principal paid back? Assume that the operating agreement states that the equity split from LP and GP changes from 80/20 to 50/50 after payback. My question is how does this change each Limited Partner's membership units they invested in during the raising of capital? In other words, their outside basis.