Tex. Business Organizations Code § 153.206
ALLOCATION OF PROFITS AND LOSSES
Texas · Texas Business Organizations Code · Status: effective
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- Citation
- Tex. Business Organizations Code § 153.206, ALLOCATION OF PROFITS AND LOSSES, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/584129
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Full text
(a) The profits and losses of a limited partnership shall be allocated among the partners in the manner provided by a written partnership agreement.
(b) If a written partnership agreement does not provide for the allocation of profits and losses, the profits and losses shall be allocated:
(1) in accordance with the current percentage or other interest in the partnership stated in partnership records of the kind described by Section 153.551(a); or
(2) if the allocation of profits and losses is not provided for in partnership records of the kind described by Section 153.551(a), in proportion to capital accounts.