Texas Business Organizations Code 152.702 – Persons Eligible to Wind Up Partnership Business
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(a) After the occurrence of an event requiring a winding up of a partnership business, the partnership business may be wound up by:
(1) the partners who have not withdrawn;
(2) the legal representative of the last surviving partner; or
(3) a person appointed by the court to carry out the winding up under Subsection (b).
(b) On application of a partner, a partner’s legal representative or transferee, or a withdrawn partner whose interest is not redeemed under § 152.608, a court, for good cause, may appoint a person to carry out the winding up and may make an order, direction, or inquiry that the circumstances require.
Terms Used In Texas Business Organizations Code 152.702
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- 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
- 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