Texas Business Organizations Code - Section 153.151. Admission Of General Partners
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.151. Admission Of General Partners
§ 153.151. ADMISSION OF GENERAL PARTNERS. (a) After a
limited partnership is formed, additional general partners may be
admitted:
(1) in the manner provided by a written partnership
agreement; or
(2) if a written partnership agreement does not
provide for the admission of additional general partners, with the
written consent of all partners.
(b) A person may be a general partner unless the person
lacks capacity apart from this chapter.
(c) A written partnership agreement may provide that a
person may be admitted as a general partner in a limited
partnership, including as a sole general partner, and may acquire a
partnership interest in the limited partnership without:
(1) making a contribution to the limited partnership;
or
(2) assuming an obligation to make a contribution to
the limited partnership.
(d) A written partnership agreement may provide that a
person may be admitted as a general partner in a limited
partnership, including as the sole general partner, without
acquiring a partnership interest in the limited partnership.
(e) This section is not a limitation of or does not
otherwise affect Section 153.152.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006. Amended by
Acts 2005, 79th Leg., ch. 64, § 87, 88, eff. Jan. 1, 2006.
Section: 153.107 153.108 153.109 153.110 153.111 153.112 153.113 153.151 153.152 153.153 153.154 153.155 153.156 153.157 153.158
Last modified: August 11, 2007
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