152.505 – EFFECT OF WITHDRAWAL ON PARTNER'S EXISTING
Texas Business Organizations Code § 152.505
Summary
This law clarifies that a partner's withdrawal from a partnership does not eliminate their liability for obligations incurred before their departure. Additionally, the estate of a deceased partner remains liable for partnership obligations incurred during their partnership tenure.
Withdrawal does not discharge a partner's pre-withdrawal liabilities.
Deceased partners' estates are liable for prior partnership obligations.
Liability remains even after a partner has left the partnership.
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In simple terms: Learn about Texas's EFFECT OF WITHDRAWAL ON PARTNER'S EXISTING 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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