153.112 – RECEIPT OF WRONGFUL DISTRIBUTION. A limited
Texas Business Organizations Code § 153.112
Summary
This law addresses the circumstances under which a limited partner must return a distribution received in violation of specific regulations. A limited partner is only required to return the distribution if they were aware of the violation at the time of receipt. It does not eliminate any other obligations to return distributions as outlined in partnership agreements or other laws.
Limited partners may keep distributions unless they knew of the violation.
Obligations under partnership agreements still apply.
Focuses on the awareness of the limited partner regarding the distribution's legality.
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In simple terms: Learn about Texas's RECEIPT OF WRONGFUL DISTRIBUTION. A limited 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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