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Texas Business Organizations Code - BUS ORG § 152.506. Liability of Withdrawn Partner to Third Party

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

A person who withdraws as a partner in a circumstance that is not an event requiring a winding up of partnership business under Section 11.051 or 11.057 is liable to another party as a partner in a transaction entered into by the partnership or a surviving partnership under Section 10.001 not later than the second anniversary of the date of the partner's withdrawal only if the other party to the transaction:

(1) does not have notice of the partner's withdrawal; and

(2) reasonably believed that the withdrawn partner was a partner at the time of the transaction.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 152.506. Liability of Withdrawn Partner to Third Party - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-152-506/

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