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Texas Business Organizations Code

§ 152.303 — LIABILITY OF PARTNERSHIP FOR CONDUCT OF PARTNER

BO § 152.303Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. E. RELATIONSHIP BETWEEN PARTNERS AND OTHER PERSONS

Statute text

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(a)A partnership is liable for loss or injury to a person, including a partner, or for a penalty caused by or incurred as a result of a wrongful act or omission or other actionable conduct of a partner acting:
(1)in the ordinary course of business of the partnership; or
(2)with the authority of the partnership.
(b)A partnership is liable for the loss of money or property of a person who is not a partner that is:
(1)received in the course of the partnership's business; and
(2)misapplied by a partner while in the custody of the partnership.

Legislative history

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

Source: Texas Business Organizations Code § 152.303 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.