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Current as of April 14, 2021 | Updated by FindLaw Staff
(a) Each partner has equal rights in the management and conduct of the business of a partnership. A partner's right to participate in the management and conduct of the business is not community property.
(b) A partner may use or possess partnership property only on behalf of the partnership.
(c) A partner is not entitled to receive compensation for services performed for a partnership other than reasonable compensation for services rendered in winding up the business of the partnership.
(d) A partner who, in the proper conduct of the business of the partnership or for the preservation of its business or property, reasonably makes a payment or advance beyond the amount the partner agreed to contribute, or who reasonably incurs a liability, is entitled to be repaid and to receive interest from the date of the:
(1) payment or advance; or
(2) incurrence of the liability.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 152.203. Rights and Duties of Partner - last updated April 14, 2021 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-152-203/
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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