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Texas Business Organizations Code

§ 153.153 — POWERS AND LIABILITIES OF PERSON WHO IS BOTH GENERAL PARTNER AND LIMITED PARTNER

BO § 153.153Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. D. GENERAL PARTNERS

Statute text

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A person who is both a general partner and a limited partner:
(1)has the rights and powers and is subject to the restrictions and liabilities of a general partner; and
(2)except as otherwise provided by the partnership agreement, this chapter, or the other limited partnership provisions, has the rights and powers and is subject to the restrictions and liabilities, if any, of a limited partner to the extent of the general partner's participation in the partnership as a limited partner.

Legislative history

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

Source: Texas Business Organizations Code § 153.153 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.