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Texas Business Organizations Code

§ 153.206 — ALLOCATION OF PROFITS AND LOSSES

BO § 153.206Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. E. FINANCES

Statute text

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(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.

Legislative history

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

Source: Texas Business Organizations Code § 153.206 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.