Tex. Business Organizations Code § 152.506
This is the official text of Tex. Business Organizations Code § 152.506, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 152.506. LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY.
Official statutory text
A person who withdraws as a partner in a circumstance that is not an event requiring a winding up of partnership business under Section 11.051 or 11.057 is liable to another party as a partner in a transaction entered into by the partnership or a surviving partnership under Section 10.001 not later than the second anniversary of the date of the partner's withdrawal only if the other party to the transaction:
(1) does not have notice of the partner's withdrawal; and
(2) reasonably believed that the withdrawn partner was a partner at the time of the transaction.
(1) does not have notice of the partner's withdrawal; and
(2) reasonably believed that the withdrawn partner was a partner at the time of the transaction.
Status: in_force · Read it on the official government site
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