If the partners convert the partnership interest under Section 153.158(a)(1), the limited partnership interest may be reduced pro rata with all other partners to provide compensation, an interest in the partnership, or both, to a replacement general partner.
Tex. Bus. Orgs. Code § 153.159
CONVERSION OF PARTNERSHIP INTEREST AFTER WITHDRAWAL
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.