Texas Business Organizations Code 152.701 – Effect of Event Requiring Winding Up
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Terms Used In Texas Business Organizations Code 152.701
- Business: means a trade, occupation, profession, or other commercial activity. 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
On the occurrence of an event requiring winding up of a partnership business under § 11.051 or 11.057:
(1) the partnership continues until the winding up of its business is completed, at which time the partnership is terminated; and
(2) the relationship among the partners is changed as provided by this subchapter.