Texas Business Organizations Code - Section 152.203. Rights And Duties Of Partner
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§ 152.203. RIGHTS AND DUTIES OF PARTNER. (a) Each
partner has equal rights in the management and conduct of the
business of a partnership. A partner's right to participate in the
management and conduct of the business is not community property.
(b) A partner may use or possess partnership property only
on behalf of the partnership.
(c) A partner is not entitled to receive compensation for
services performed for a partnership other than reasonable
compensation for services rendered in winding up the business of
the partnership.
(d) A partner who, in the proper conduct of the business of
the partnership or for the preservation of its business or
property, reasonably makes a payment or advance beyond the amount
the partner agreed to contribute, or who reasonably incurs a
liability, is entitled to be repaid and to receive interest from the
date of the:
(1) payment or advance; or
(2) incurrence of the liability.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.054 152.055 152.056 152.101 152.102 152.201 152.202 152.203 152.204 152.205 152.206 152.207 152.208 152.209 152.210
Last modified: August 11, 2007
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