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Texas Business Organizations Code - BUS ORG § 152.205. Partner's Duty of Loyalty

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

A partner's duty of loyalty includes:

(1) accounting to and holding for the partnership property, profit, or benefit derived by the partner:

(A) in the conduct and winding up of the partnership business; or

(B) from use by the partner of partnership property;

(2) refraining from dealing with the partnership on behalf of a person who has an interest adverse to the partnership; and

(3) refraining from competing or dealing with the partnership in a manner adverse to the partnership.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 152.205. Partner's Duty of Loyalty - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-152-205/

Read this complete Texas Business Organizations Code - BUS ORG § 152.205. Partner's Duty of Loyalty on Westlaw. Westlaw subscription required.

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