This law requires partnerships to indemnify a partner who has withdrawn from the partnership for any obligations incurred by the partnership, regardless of when those obligations arose. However, this indemnification does not apply to obligations resulting from the withdrawn partner's own actions prior to withdrawal.
Partnerships must indemnify withdrawn partners for all obligations.
Indemnification covers obligations incurred before and after withdrawal.
Excludes obligations from actions of the withdrawn partner.
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In simple terms: Learn about Texas's INDEMNIFICATION OF WITHDRAWN PARTNER. A law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
FlawFinder provides legal information, not legal advice. Consult a licensed attorney for specific legal guidance.