153.111 – DISTRIBUTION ON WITHDRAWAL. Except as otherwise
Texas Business Organizations Code § 153.111
Summary
This law outlines the rights of a withdrawing limited partner in a limited partnership regarding the distribution of their interest. Upon withdrawal, the partner is entitled to receive the fair value of their interest within a reasonable timeframe, unless stated otherwise in the partnership agreement or another section of the code.
Withdrawn partners receive fair value of their interest.
Payment must occur within a reasonable time after withdrawal.
Partnership agreements may alter these distribution rights.
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In simple terms: Learn about Texas's DISTRIBUTION ON WITHDRAWAL. Except as otherwise 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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