Tex. Bus. Orgs. Code § 153.206 · Subchapter E. FINANCES
ALLOCATION OF PROFITS AND LOSSES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The profits and losses of a limited partnership shall be allocated among the partners in the manner provided by a written partnership agreement.
(b) If a written partnership agreement does not provide for the allocation of profits and losses, the profits and losses shall be allocated:
(1) in accordance with the current percentage or other interest in the partnership stated in partnership records of the kind described by Section 153.551(a); or
(2) if the allocation of profits and losses is not provided for in partnership records of the kind described by Section 153.551(a), in proportion to capital accounts.
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.153.htm
- Text hash
- sha256 3e4c8d17f3068bbd2a5ab5749116b9d81ad659b43da98ab1bbccb423761e5864
- 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
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