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Texas Business Organizations Code - Section 153.206. Allocation Of Profits And Losses

Legal Research Home > Texas Laws > Business Organizations Code > Texas Business Organizations Code - Section 153.206. Allocation Of Profits And Losses

§ 153.206. ALLOCATION OF PROFITS AND LOSSES.  (a) The 
profits and losses of a limited partnership shall be allocated 
among the partners in the manner provided by a written partnership 
agreement.
	(b)  If a written partnership agreement does not provide for 
the allocation of profits and losses, the profits and losses shall 
be allocated:
		(1)  in accordance with the current percentage or other 
interest in the partnership stated in partnership records of the 
kind described by Section 153.551(a);  or
		(2)  if the allocation of profits and losses is not 
provided for in partnership records of the kind described by 
Section 153.551(a), in proportion to capital accounts.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007