Texas Business Organizations Code

§ 152.203 — RIGHTS AND DUTIES OF PARTNER

BO § 152.203Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. D. RELATIONSHIP BETWEEN PARTNERS AND BETWEEN PARTNERS AND PARTNERSHIPS

Statute text

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(a)Each partner has equal rights in the management and conduct of the business of a partnership. A partner's right to participate in the management and conduct of the business is not community property.

(b)A partner may use or possess partnership property only on behalf of the partnership.

(c)A partner is not entitled to receive compensation for services performed for a partnership other than reasonable compensation for services rendered in winding up the business of the partnership.

(d)A partner who, in the proper conduct of the business of the partnership or for the preservation of its business or property, reasonably makes a payment or advance beyond the amount the partner agreed to contribute, or who reasonably incurs a liability, is entitled to be repaid and to receive interest from the date of the:

(1)payment or advance; or

(2)incurrence of the liability.

Legislative history

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