Texas Business Organizations Code

§ 152.202 — CREDITS OF AND CHARGES TO PARTNER

BO § 152.202Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. D. RELATIONSHIP BETWEEN PARTNERS AND BETWEEN PARTNERS AND PARTNERSHIPS

(a)Each partner is credited with an amount equal to:

(1)the cash and the value of property the partner contributes to a partnership; and

(2)the partner's share of the partnership's profits.

(b)Each partner is charged with an amount equal to:

(1)the cash and the value of other property distributed by the partnership to the partner; and

(2)the partner's share of the partnership's losses.

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Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.