152.506 – LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY. A
Texas Business Organizations Code § 152.506
Summary
This law outlines the liability of a partner who withdraws from a partnership under specific conditions. It specifies that a withdrawn partner may still be liable for partnership transactions if the other party was unaware of their withdrawal within two years of that date.
Withdrawn partners may remain liable for certain transactions.
Liability exists only if the other party lacks notice of withdrawal.
Time limit for liability is two years post-withdrawal.
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In simple terms: Learn about Texas's LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY. A 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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