152.002 – EFFECT OF PARTNERSHIP AGREEMENT; NONWAIVABLE AND
Texas Business Organizations Code § 152.002
Summary
This law establishes that a partnership agreement dictates the relationships among partners and between partners and the partnership itself. If the agreement does not address specific issues, the default provisions of the Texas Business Organizations Code apply.
Partnership agreements govern partner relations.
Default provisions apply if the agreement is silent.
Certain provisions cannot be waived or altered.
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In simple terms: Learn about Texas's EFFECT OF PARTNERSHIP AGREEMENT; NONWAIVABLE AND law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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