Texas Business Organizations Code 152.604 – Setoff for Certain Damages
Current as of: 2024 | Check for updates
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Terms Used In Texas Business Organizations Code 152.604
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
The partnership may set off against the redemption price payable to the withdrawn partner the damages for wrongful withdrawal under § 152.503(b) and all other amounts owed by the withdrawn partner to the partnership, whether currently due, including interest.