Texas Business Organizations Code - Section 152.304. Nature Of Partner's Liability
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 152.304. Nature Of Partner's Liability
§ 152.304. NATURE OF PARTNER'S LIABILITY. (a) Except as
provided by Subsection (b) or Section 152.801(b), all partners are
liable jointly and severally for a debt or obligation of the
partnership unless otherwise:
(1) agreed by the claimant; or
(2) provided by law.
(b) A person who is admitted as a partner into an existing
partnership does not have personal liability under Subsection (a)
for an obligation of the partnership that:
(1) arises before the partner's admission to the
partnership;
(2) relates to an action taken or omission occurring
before the partner's admission to the partnership; or
(3) arises before or after the partner's admission to
the partnership under a contract or commitment entered into before
the partner's admission.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.211 152.212 152.213 152.214 152.301 152.302 152.303 152.304 152.305 152.306 152.307 152.401 152.402 152.403 152.404
Last modified: August 11, 2007
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