Texas § BO.152.707 - SETTLEMENT OF ACCOUNTS
Full text of Texas The Texas Constitution § BO.152.707 — SETTLEMENT OF ACCOUNTS, with citation guidance and answers to common questions.
§ BO.152.707. SETTLEMENT OF ACCOUNTS
SETTLEMENT OF ACCOUNTS. (a) Each partner is entitled to a settlement of all partnership accounts on winding up the partnership business. (b) In settling accounts among the partners, the partnership interest of a withdrawn partner that is redeemed under Section 152.610 is credited with a share of any profits for the period after the partner's withdrawal but is charged with a share of losses for that period only to the extent of profits credited for that period. (c) The profits and losses that result from the liquidation of the partnership property must be credited and charged to the partners' capital accounts. (d) The partnership shall make a distribution to a partner in an amount equal to that partner's positive balance in the partner's capital account. Except as provided by Section 152.304 (b) or 152.801 , a partner shall contribute to the partnership an amount equal to that partner's negative balance in the partner's capital account. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748 ), Sec. 45, eff. September 1, 2011.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § BO.152.707
What does The Texas Constitution § BO.152.707 cover?
Section BO.152.707 ("SETTLEMENT OF ACCOUNTS") 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.152.707?
A common citation format is "The Texas Constitution § BO.152.707" (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.152.707 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.