Texas Business Organizations Code - Section 151.001. Definitions
Legal Research Home >
Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 151.001. Definitions
§ 151.001. DEFINITIONS. In this title:
(1) "Capital account" means the amount computed by:
(A) adding the amount of a partner's original and
additional contributions of cash to a partnership, the agreed value
of any other property that that partner originally or additionally
contributed to the partnership, and allocations of partnership
profits to that partner; and
(B) subtracting the amount of distributions to
that partner and allocations of partnership losses to that partner.
(2) "Distribution" means a transfer of property,
including cash, from a partnership to:
(A) a partner in the partner's capacity as a
partner; or
(B) a partner's transferee.
(3) "Foreign limited partnership" means a partnership
formed under the laws of another state that has one or more general
partners and one or more limited partners.
(4) "Majority-in-interest," with respect to all or a
specified group of partners, means partners who own more than 50
percent of the current percentage or other interest in the profits
of the partnership that is owned by all of the partners or by the
partners in the specified group, as appropriate.
(5) "Partnership agreement" means any agreement,
written or oral, of the partners concerning a partnership.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006. Amended by
Acts 2005, 79th Leg., ch. 64, § 76, eff. Jan. 1, 2006.
Section: 101.461 101.462 101.463 101.501 101.502 101.551 101.552 151.001 151.002 151.003 152.001 152.002 152.003 152.004 152.005
Last modified: August 11, 2007
|
