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Texas Business Organizations Code - BUS ORG § 153.502. Winding Up Procedures

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

(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(c) Repealed by Acts 2025, 89th Leg., ch. 199 (S.B. 2411), § 56, eff. Sept. 1, 2025.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.502. Winding Up Procedures - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-502/

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