153.501 – CANCELLATION OR REVOCATION OF EVENT REQUIRING
Texas Business Organizations Code § 153.501
Summary
This law allows a limited partnership in Texas to cancel a winding-up event if all remaining partners agree within 90 days. It applies when the partnership's duration expires or an event in its governing documents occurs, enabling the business to continue operating.
Limited partnerships can cancel winding-up events.
Requires agreement from all remaining partners or a specified group.
Must act within 90 days of the triggering event.
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In simple terms: Learn about Texas's CANCELLATION OR REVOCATION OF EVENT REQUIRING 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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