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Texas Business Organizations Code

§ 153.159 — CONVERSION OF PARTNERSHIP INTEREST AFTER WITHDRAWAL

BO § 153.159Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. D. GENERAL PARTNERS

Statute text

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If the partners convert the partnership interest under Section 153.158(a)(1), the limited partnership interest may be reduced pro rata with all other partners to provide compensation, an interest in the partnership, or both, to a replacement general partner.

Legislative history

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

Source: Texas Business Organizations Code § 153.159 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.