Texas Business Organizations Code

§ 151.001 — DEFINITIONS

BO § 151.001Title 4. PARTNERSHIPS · Ch. 151. GENERAL PROVISIONS

Statute text

In this title:

(1)"Capital account" means the amount computed by:

(A)adding the amount of a partner's original and additional contributions of cash to a partnership, the agreed value of any other property that that partner originally or additionally contributed to the partnership, and allocations of partnership profits to that partner; and

(B)subtracting the amount of distributions to that partner and allocations of partnership losses to that partner.

(2)"Distribution" means a transfer of property, including cash, from a partnership to a partner in the partner's capacity as a partner or the partner's transferee.

(3)"Foreign limited partnership" means a partnership formed under the laws of another state that has one or more general partners and one or more limited partners.

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Legislative history

Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 76, eff. January 1, 2006. Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 103, eff. September 1, 2007. Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 53, eff. September 1, 2023.