153.210 – LIMITATION ON DISTRIBUTION. (a) Unless the
Texas Business Organizations Code § 153.210
Summary
This law restricts limited partnerships from making distributions to partners unless they comply with specific provisions. It ensures that the partnership maintains sufficient assets to cover its liabilities after any distributions are made.
Distributions must comply with Chapter 11 requirements.
Limited partnerships cannot distribute if liabilities exceed assets post-distribution.
Protects creditors by ensuring liabilities are covered before partner distributions.
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In simple terms: Learn about Texas's LIMITATION ON DISTRIBUTION. (a) Unless 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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