152.701 – EFFECT OF EVENT REQUIRING WINDING UP. On the
Texas Business Organizations Code § 152.701
Summary
This law outlines the process that occurs when a partnership must wind up its business. It specifies that the partnership remains active until the winding up is complete, after which it is officially terminated and the partners' relationships are altered accordingly.
Partnership continues until winding up is finished.
Partnership is terminated after winding up.
Partners' relationships change as specified in the law.
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In simple terms: Learn about Texas's EFFECT OF EVENT REQUIRING WINDING UP. On the 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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