Short answer. Only cash, as a rule. Even a limited partner who contributed property is entitled to receive cash in return, not the same property. Article 1857 says that, absent contrary terms, a limited partner has only the right to demand and receive cash in return for his contribution.
What the law says
a limited partner, irrespective of the nature of his contribution, has only the right to demand and receive cash in return for his contribution
Civil Code, Article 1857 — Return of a Limited Partner's Contribution. Read the full provision →
The default is cash, whatever you put in
Article 1857 settles a common expectation. A limited partner who contributed land, equipment, or any specific property naturally assumes he will get that same thing back when he withdraws. The law says otherwise. Irrespective of the nature of his contribution, the limited partner has only the right to demand and receive cash in return. Once property is contributed, it becomes part of the partnership's pool of assets and may have been used, sold, or mixed into the business. Rather than force the partnership to track down and hand back the identical asset, the law lets it return the equivalent value in money.
When you can get the property itself
The cash rule is a default, not an absolute. The same article makes two exceptions: where the certificate contains a statement to the contrary, or where all the members consent. So a limited partner who genuinely wants the option of taking back the specific property he contributed should have that right written into the certificate at the outset. Without such a provision, and without the agreement of every member at the time of return, he cannot insist on the property and must accept its cash value instead. The certificate, filed with the Securities and Exchange Commission, is where this right is preserved or lost.
Return is conditional in the first place
Whether cash or property, the return of a contribution is hedged with conditions. Article 1857 bars a limited partner from receiving any part of his contribution until all partnership liabilities — except those to partners on account of contributions — are paid or enough property remains to pay them, the required consents are obtained, and the certificate is cancelled or amended to reflect the withdrawal. A limited partner may rightfully demand return on dissolution, when the certificate's return date arrives, or after six months' written notice where no time was fixed.
What this means for the contributor
The lesson is to plan the exit before making the contribution. If receiving the identical property back matters — a family lot, a specialised machine — negotiate for a clause in the certificate giving that right, because you cannot invent it later without unanimous consent. Otherwise, treat a property contribution as a contribution of value that will come back to you in money, and only after the partnership's creditors and the article's conditions are satisfied. A limited partner may even seek dissolution if a rightful demand for return is refused.