Texas Business Organizations Code 152.402 – General Effect of Transfer
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Terms Used In Texas Business Organizations Code 152.402
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Continuance: Putting off of a hearing ot trial until a later time.
- 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
A transfer of all or part of a partner‘s partnership interest:
(1) is not an event of withdrawal;
(2) does not by itself cause a winding up of the partnership business; and
(3) against the other partners or the partnership, does not entitle the transferee, during the continuance of the partnership, to participate in the management or conduct of the partnership business.