152.402 – GENERAL EFFECT OF TRANSFER. A transfer of all or
Texas Business Organizations Code § 152.402
Summary
This law clarifies that transferring a partner's interest in a partnership does not constitute withdrawal or trigger winding up of the business. Additionally, the transferee does not gain management rights within the partnership unless specified otherwise.
Transfer of interest does not mean partner withdrawal.
Does not initiate winding up of partnership operations.
Transferee cannot manage partnership without agreement.
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In simple terms: Learn about Texas's GENERAL EFFECT OF TRANSFER. A transfer of all or 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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