Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Except as otherwise provided by the partnership agreement, a partnership interest is assignable wholly or partly.
(b) Except as otherwise provided by the partnership agreement, an assignment of a partnership interest:
(1) does not require the winding up of a limited partnership;
(2) does not entitle the assignee to become, or to exercise rights or powers of, a partner; and
(3) entitles the assignee to be allocated income, gain, loss, deduction, credit, or similar items and to receive distributions to which the assignor was entitled to the extent those items are assigned.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.251. Assignment of Partnership Interest - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-251/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)