Terms Used In Texas Business Organizations Code Chapter 152 > Subchapter D - Relationship Between Partners and Between Partners and Partnerships

• Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
• Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Law: means , unless the context requires otherwise, both statutory and common law. See Texas Business Organizations Code 1.002
• Partner: means a limited partner or general partner. See Texas Business Organizations Code 1.002
• Partnership: means an entity governed as a partnership under Title 4. See Texas Business Organizations Code 1.002
• Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
• Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Share: means a unit into which the ownership interest in a for-profit corporation, professional corporation, real estate investment trust, or professional association is divided, regardless of whether the share is certificated or uncertificated. See Texas Business Organizations Code 1.002
• Trustee: A person or institution holding and administering property in trust.