153.504 – DISPOSITION OF ASSETS. On the winding up of a
Texas Business Organizations Code § 153.504
Summary
This law outlines the process for distributing assets during the winding up of a limited partnership. It specifies that assets must first be used to pay creditors, including partner-creditors, before any remaining assets can be distributed to partners.
Assets must be used to satisfy liabilities first.
Creditors include partners with claims beyond their partnership investment.
Remaining assets are distributed to partners after creditor payments.
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In simple terms: Learn about Texas's DISPOSITION OF ASSETS. On the winding up of a 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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