Texas Business Organizations Code - Section 153.101. Admission Of Limited Partners
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.101. Admission Of Limited Partners
§ 153.101. ADMISSION OF LIMITED PARTNERS. (a) In
connection with the formation of a limited partnership, a person
acquiring a limited partnership interest becomes a limited partner
on the later of:
(1) the date on which the limited partnership is
formed; or
(2) the date stated in the records of the limited
partnership as the date on which the person becomes a limited
partner or, if that date is not stated in those records, the date on
which the person's admission is first reflected in the records of
the limited partnership.
(b) After a limited partnership is formed, a person who
acquires a partnership interest directly from the limited
partnership becomes a new limited partner on:
(1) compliance with the provisions of the partnership
agreement governing admission of new limited partners; or
(2) if the partnership agreement does not contain
relevant admission provisions, the written consent of all partners.
(c) After formation of a limited partnership, an assignee of
a partnership interest becomes a new limited partner as provided by
Section 153.253(a).
(d) A person may be a limited partner unless the person
lacks capacity apart from this chapter and the other limited
partnership provisions.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 153.002 153.003 153.004 153.005 153.051 153.052 153.053 153.101 153.102 153.103 153.104 153.105 153.106 153.107 153.108
Last modified: August 11, 2007
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