Tex. Business Organizations Code § 153.502
This is the official text of Tex. Business Organizations Code § 153.502, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 153.502. WINDING UP PROCEDURES.
Official statutory text
(a) Except as provided by the partnership agreement, the winding up of the partnership's affairs shall be accomplished by:
(1) the general partners;
(2) if there are no general partners, the limited partners or a person chosen by the limited partners; or
(3) a person appointed by the court to carry out the winding up under Subsection (b).
(b) On application of a partner or a partner's legal representative or transferee, a court, on cause shown, may wind up the limited partnership's affairs and, in connection with the winding up, may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.
(c) Repealed by Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411), Sec. 56, eff. September 1, 2025.
(1) the general partners;
(2) if there are no general partners, the limited partners or a person chosen by the limited partners; or
(3) a person appointed by the court to carry out the winding up under Subsection (b).
(b) On application of a partner or a partner's legal representative or transferee, a court, on cause shown, may wind up the limited partnership's affairs and, in connection with the winding up, may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.
(c) Repealed by Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411), Sec. 56, eff. September 1, 2025.
Status: repealed · Read it on the official government site
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