GroundRules
Tex. Business Organizations Code § 152.202: CREDITS OF AND CHARGES TO PARTNER.
Where this section sits in the code
- BUSINESS ORGANIZATIONS CODE
- TITLE 4. PARTNERSHIPS
- CHAPTER 152. GENERAL PARTNERSHIPS
- SUBCHAPTER D. RELATIONSHIP BETWEEN PARTNERS AND BETWEEN PARTNERS AND PARTNERSHIPS
(a) Each partner is credited with an amount equal to:
(1) the cash and the value of property the partner contributes to a partnership; and
(2) the partner's share of the partnership's profits.
(b) Each partner is charged with an amount equal to:
(1) the cash and the value of other property distributed by the partnership to the partner; and
(2) the partner's share of the partnership's losses.
(c) Each partner is entitled to be credited with an equal share of the partnership's profits and is chargeable with a share of the partnership's capital or operating losses in proportion to the partner's share of the profits.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Collected 2026-08-27T01:46:58Z. Source file · JSON