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Texas Business Organizations Code - Section 153.309. Effect Of Forfeiture Of Right To Transact Business

Legal Research Home > Texas Laws > Business Organizations Code > Texas Business Organizations Code - Section 153.309. Effect Of Forfeiture Of Right To Transact Business

§ 153.309. EFFECT OF FORFEITURE OF RIGHT TO TRANSACT 
BUSINESS.  (a) Unless the right of the limited partnership to 
transact business is revived in accordance with Section 153.310:
		(1)  the limited partnership may not maintain an 
action, suit, or proceeding in a court of this state;  and
		(2)  a successor or assignee of the limited partnership 
may not maintain an action, suit, or proceeding in a court of this 
state on a right, claim, or demand arising from the transaction of 
business by the limited partnership in this state.
	(b)  The forfeiture of the right to transact business in this 
state does not:
		(1)  impair the validity of a contract or act of the 
limited partnership;  or
		(2)  prevent the limited partnership from defending an 
action, suit, or proceeding in a court of this state.
	(c)  This section and Sections 153.307 and 153.308 do not 
affect the liability of a limited partner to the limited 
partnership.

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

Last modified: August 11, 2007