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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) Property is partnership property if acquired in the name of:
(1) the partnership; or
(2) one or more partners, regardless of whether the name of the partnership is indicated, if the instrument transferring title to the property indicates:
(A) the person's capacity as a partner; or
(B) the existence of a partnership.
(b) Property is presumed to be partnership property if acquired with partnership property, regardless of whether the property is acquired as provided by Subsection (a).
(c) Property acquired in the name of one or more partners is presumed to be the partner's property, regardless of whether the property is used for partnership purposes, if the instrument transferring title to the property does not indicate the person's capacity as a partner or the existence of a partnership, and if the property is not acquired with partnership property.
(d) For purposes of this section, property is acquired in the name of the partnership by a transfer to:
(1) the partnership in its name; or
(2) one or more partners in the partners' capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 152.102. Classification as Partnership Property - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-152-102/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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