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Texas Business Organizations Code

§ 153.502 — WINDING UP PROCEDURES

BO § 153.502Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. K. SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS

Statute text

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(a)Except as provided by the partnership agreement, the winding up of the partnership's affairs shall be accomplished by:
(1)the general partners;
(2)if there are no general partners, the limited partners or a person chosen by the limited partners; or
(3)a person appointed by the court to carry out the winding up under Subsection (b).
(b)On application of a partner or a partner's legal representative or transferee, a court, on cause shown, may wind up the limited partnership's affairs and, in connection with the winding up, may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.
(c)Repealed by Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411), Sec. 56, eff. September 1, 2025. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411), Sec. 56, eff. September 1, 2025.

Source: Texas Business Organizations Code § 153.502 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.