Texas Business Organizations Code 152.202 – Credits of and Charges to Partner
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(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.
Terms Used In Texas Business Organizations Code 152.202
- Partner: means a limited partner or general partner. See Texas Business Organizations Code 1.002
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means an entity governed as a partnership under Title 4. 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
- 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
(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.