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Texas Business Organizations Code - Section 153.153. Powers And Liabilities Of Person Who Is Both General Partner And Limited Partner

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.153. Powers And Liabilities Of Person Who Is Both General Partner And Limited Partner

§ 153.153. POWERS AND LIABILITIES OF PERSON WHO IS BOTH 
GENERAL PARTNER AND LIMITED PARTNER.  A person who is both a 
general partner and a limited partner:
		(1)  has the rights and powers and is subject to the 
restrictions and liabilities of a general partner;  and
		(2)  except as otherwise provided by the partnership 
agreement, this chapter, or the other limited partnership 
provisions, has the rights and powers and is subject to the 
restrictions and liabilities, if any, of a limited partner to the 
extent of the general partner's participation in the partnership as 
a limited partner.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007