Section 152.202 - Credits of and Charges to Partner(a) Each partner is credited with an amount equal to:(1) the cash and the value of property the partner contributes to a partnership; and(2) the partner's share of the partnership's profits.(b) Each partner is charged with an amount equal to:(1) the cash and the value of other property distributed by the partnership to the partner; and(2) the partner's share of the partnership's losses.(c) Each partner is entitled to be credited with an equal share of the partnership's profits and is chargeable with a share of the partnership's capital or operating losses in proportion to the partner's share of the profits.Tex. Bus. Org. Code § 152.202
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.