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Texas Business Organizations Code

§ 153.152 — GENERAL POWERS AND LIABILITIES OF GENERAL PARTNER

BO § 153.152Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. D. GENERAL PARTNERS

Statute text

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(a)Except as provided by this chapter, the other limited partnership provisions, or a partnership agreement, a general partner of a limited partnership:
(1)has the rights and powers and is subject to the restrictions of a partner in a partnership without limited partners; and
(2)has the liabilities of a partner in a partnership without limited partners to the partnership and to the other partners.
(b)Except as provided by this chapter or the other limited partnership provisions, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to a person other than the partnership and the other partners.

Legislative history

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

Source: Texas Business Organizations Code § 153.152 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.