Texas Business Organizations Code
§ 153.101 — ADMISSION OF LIMITED PARTNERS
BO § 153.101Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. C. LIMITED PARTNERS
Statute text
View on source(a)In connection with the formation of a limited partnership, a person acquiring a limited partnership interest becomes a limited partner on the later of:
(1)the date on which the limited partnership is formed; or
(2)the date stated in the records of the limited partnership as the date on which the person becomes a limited partner or, if that date is not stated in those records, the date on which the person's admission is first reflected in the records of the limited partnership.
(b)After a limited partnership is formed, a person who acquires a partnership interest directly from the limited partnership becomes a new limited partner on:
(1)compliance with the provisions of the partnership agreement governing admission of new limited partners; or
(2)if the partnership agreement does not contain relevant admission provisions, the written consent of all partners.
…
Legislative history
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.