Texas Agreement to Establish Committee to Wind Up Partnership

State:
Multi-State
Control #:
US-1065BG
Format:
Word; 
Rich Text
Instant download

Description

This form deals with "winding up" the dissolution of a partnership. Winding up is the process of liquidation of assets of a partnership, settling accounts, paying debts and liabilities, distributing remaining assets to partners, and then dissolving the business. Winding up procedures for partnerships are to be done in accordance with state partnership statutes.
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FAQ

Section 101.112 - Member's Membership Interest Subject to Charging Order (a) On application by a judgment creditor of a member of a limited liability company or of any other owner of a membership interest in a limited liability company, a court having jurisdiction may charge the membership interest of the judgment ...

Current with legislation from the 2023 Regular and Special Sessions effective as of September 1, 2023. (b) The examination and copying under Subsection (a) may be conducted by the member or assignee or through an agent, accountant, or attorney.

Section 153.152 - General Powers and Liabilities of General Partner (a) Except as provided by this chapter, the other limited partnership provisions, or a partnership agreement, a general partner of a limited partnership: (1) has the rights and powers and is subject to the restrictions of a partner in a partnership ...

The Texas Business Organizations Code section 152.052 provides that the following factors should be reviewed to determine if a partnership has been formed: (1) the right to share profits; (2) the expression of an intent to be partners; (3) the right to participate in the control of the business; (4) an agreement to ...

The company agreement of a limited liability company may expand or restrict any duties, including fiduciary duties, and related liabilities that a member, manager, officer, or other person has to the company or to a member or manager of the company.

Section 11.356 - Limited Survival After Termination (a) Notwithstanding the termination of a domestic filing entity under this code or the Tax Code , the terminated filing entity continues in existence until the third anniversary of the effective date of the entity's termination only for purposes of: (1) prosecuting or ...

Section 101.206 - Prohibited Distribution; Duty to Return (a) Unless the distribution is made in compliance with Chapter 11, a limited liability company may not make a distribution to a member of the company if, immediately after making the distribution, the company's total liabilities, other than liabilities described ...

101.108. ASSIGNMENT OF MEMBERSHIP INTEREST. (a) A membership interest in a limited liability company may be wholly or partly assigned.

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Texas Agreement to Establish Committee to Wind Up Partnership