Texas Business Organizations Code - Section 153.102. Liability To Third Parties
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.102. Liability To Third Parties
§ 153.102. LIABILITY TO THIRD PARTIES. (a) A limited
partner is not liable for the obligations of a limited partnership
unless:
(1) the limited partner is also a general partner; or
(2) in addition to the exercise of the limited
partner's rights and powers as a limited partner, the limited
partner participates in the control of the business.
(b) If the limited partner participates in the control of
the business, the limited partner is liable only to a person who
transacts business with the limited partnership reasonably
believing, based on the limited partner's conduct, that the limited
partner is a general partner.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 153.003 153.004 153.005 153.051 153.052 153.053 153.101 153.102 153.103 153.104 153.105 153.106 153.107 153.108 153.109
Last modified: August 11, 2007
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