Texas Business Organizations Code - Section 153.106. Erroneous Belief Of Contributor Being Limited Partner
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.106. Erroneous Belief Of Contributor Being Limited Partner
§ 153.106. ERRONEOUS BELIEF OF CONTRIBUTOR BEING LIMITED
PARTNER. Except as provided by Section 153.109, a person who
erroneously but in good faith believes that the person has made a
contribution to and has become a limited partner in a limited
partnership is not liable as a general partner or otherwise
obligated because of making or attempting to make the contribution,
receiving distributions from the partnership, or exercising the
rights of a limited partner if, within a reasonable time after
ascertaining the mistake, the person:
(1) causes an appropriate certificate of formation or
certificate of amendment to be signed and filed;
(2) files or causes to be filed with the secretary of
state a written statement in accordance with Section 153.107; or
(3) withdraws from participation in future profits of
the enterprise by executing and filing with the secretary of state a
certificate declaring the person's withdrawal under this section.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 153.052 153.053 153.101 153.102 153.103 153.104 153.105 153.106 153.107 153.108 153.109 153.110 153.111 153.112 153.113
Last modified: August 11, 2007
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