Texas § BO.153.208 - SHARING OF DISTRIBUTIONS
Full text of Texas The Texas Constitution § BO.153.208 — SHARING OF DISTRIBUTIONS, with citation guidance and answers to common questions.
§ BO.153.208. SHARING OF DISTRIBUTIONS
SHARING OF DISTRIBUTIONS. (a) A distribution of cash or another asset of a limited partnership shall be made to a partner in the manner provided by a written partnership agreement. (b) If a written partnership agreement does not provide otherwise, a distribution that is a return of capital shall be made on the basis of the agreed value, as stated in the partnership records required to be maintained under Section 153.551 (a), of the contribution made by each partner to the extent that the contribution has not been returned. A distribution that is not a return of capital shall be made in proportion to the allocation of profits as determined under Section 153.206 . (c) Unless otherwise defined by a written partnership agreement, in this section, "return of capital" means a distribution to a partner to the extent that the partner's capital account, immediately after the distribution, is less than the amount of that partner's contribution to the partnership as reduced by a prior distribution that was a return of capital. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § BO.153.208
What does The Texas Constitution § BO.153.208 cover?
Section BO.153.208 ("SHARING OF DISTRIBUTIONS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BO.153.208?
A common citation format is "The Texas Constitution § BO.153.208" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BO.153.208 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.