Texas Business Organizations Code - BUS ORG § 153.162. Liability for Wrongful Withdrawal
Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) If a general partner's withdrawal from a limited partnership violates the partnership agreement, the partnership may recover damages from the withdrawing general partner for breach of the partnership agreement, including the reasonable cost of obtaining replacement of the services the withdrawn partner was obligated to perform.
(b) In addition to pursuing any remedy available under applicable law, the partnership may effect the recovery of damages under Subsection (a) by offsetting those damages against the amount otherwise distributable to the withdrawing general partner, reducing the limited partner interest into which the withdrawing general partner's interest may be converted under Section 153.158(a)(1), or both.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.162. Liability for Wrongful Withdrawal - last updated April 14, 2021 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-162.html
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