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Texas Business Organizations Code - BUS ORG § 152.202. Credits of and Charges to Partner

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

(c) Each partner is entitled to be credited with an equal share of the partnership's profits and is chargeable with a share of the partnership's capital or operating losses in proportion to the partner's share of the profits.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 152.202. Credits of and Charges to Partner - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-152-202/

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