152.604 – SETOFF FOR CERTAIN DAMAGES. The partnership may
Texas Business Organizations Code § 152.604
Summary
This law allows a partnership to deduct damages from the redemption price owed to a partner who withdraws wrongfully. It applies to any amounts the withdrawn partner owes to the partnership, including interest. This provision helps protect the partnership's financial interests when a partner exits improperly.
Partnership can deduct damages from withdrawn partner's redemption price.
Applies to wrongful withdrawal and other owed amounts.
Includes interest in the total amount owed by the partner.
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In simple terms: Learn about Texas's SETOFF FOR CERTAIN DAMAGES. The partnership may 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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