Tex. Bus. Orgs. Code § 152.506 · Subchapter G. WITHDRAWAL OF PARTNER
LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A person who withdraws as a partner in a circumstance that is not an event requiring a winding up of partnership business under Section 11.051 or 11.057 is liable to another party as a partner in a transaction entered into by the partnership or a surviving partnership under Section 10.001 not later than the second anniversary of the date of the partner's withdrawal only if the other party to the transaction:
(1) does not have notice of the partner's withdrawal; and
(2) reasonably believed that the withdrawn partner was a partner at the time of the transaction.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.152.htm
- Text hash
- sha256 c54f580e2d3e39b04dda128f3d5f1216d73733ab983230b417c46a447c879dd5
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Business Organizations Code
- Tex. Bus. Orgs. Code § 10.001ADOPTION OF PLAN OF MERGER.Printed as Section 10.001
- Tex. Bus. Orgs. Code § 11.051EVENT REQUIRING WINDING UP OF DOMESTIC ENTITY.Printed as Section 11.051 or 11.057
- Tex. Bus. Orgs. Code § 11.057SUPPLEMENTAL PROVISIONS FOR DOMESTIC GENERAL PARTNERSHIP.Printed as Section 11.051 or 11.057
Cited by 1 provision
Provisions in this library whose text cites Tex. Bus. Orgs. Code § 152.506. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.