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Texas Business Organizations Code - BUS ORG § 152.051. Partnership Defined

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) In this section, “association” does not have the meaning of the term “association” under Section 1.002.

(b) Except as provided by Subsection (c) and Section 152.053(a), an association of two or more persons to carry on a business for profit as owners creates a partnership, regardless of whether:

(1) the persons intend to create a partnership; or

(2) the association is called a “partnership,” “joint venture,” or other name.

(c) An association or organization is not a partnership if it was created under a statute other than:

(1) this title and the provisions of Title 1 applicable to partnerships and limited partnerships;

(2) a predecessor to a statute referred to in Subdivision (1); or

(3) a comparable statute of another jurisdiction.

(d) The provisions of this chapter govern limited partnerships only to the extent provided by Sections 153.003 and 153.152 and Subchapter H, Chapter 153.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 152.051. Partnership Defined - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-152-051/

Read this complete Texas Business Organizations Code - BUS ORG § 152.051. Partnership Defined on Westlaw

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