Texas Business Organizations Code - Section 152.202. Credits Of And Charges To Partner
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§ 152.202. CREDITS OF AND CHARGES TO PARTNER. (a) Each
partner is credited with an amount equal to:
(1) the cash and the value of property the partner
contributes to a partnership; and
(2) the partner's share of the partnership's profits.
(b) Each partner is charged with an amount equal to:
(1) the cash and the value of other property
distributed by the partnership to the partner; and
(2) the partner's share of the partnership's losses.
(c) Each partner is entitled to be credited with an equal
share of the partnership's profits and is chargeable with a share of
the partnership's capital or operating losses in proportion to the
partner's share of the profits.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.053 152.054 152.055 152.056 152.101 152.102 152.201 152.202 152.203 152.204 152.205 152.206 152.207 152.208 152.209
Last modified: August 11, 2007
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