153.502 – WINDING UP PROCEDURES. (a) Except as provided
Texas Business Organizations Code § 153.502
Summary
This law outlines the procedures for winding up a partnership's affairs, specifying who is responsible based on the partnership agreement. It applies to partnerships in Texas and details the roles of general and limited partners, as well as court involvement when necessary.
Winding up is managed by general partners or limited partners.
Court can appoint a person to wind up if needed.
Partnership agreement may alter standard procedures.
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In simple terms: Learn about Texas's WINDING UP PROCEDURES. (a) Except as provided 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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