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Texas Business Organizations Code - BUS ORG § 152.303. Liability of Partnership for Conduct of Partner

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

(a) A partnership is liable for loss or injury to a person, including a partner, or for a penalty caused by or incurred as a result of a wrongful act or omission or other actionable conduct of a partner acting:

(1) in the ordinary course of business of the partnership; or

(2) with the authority of the partnership.

(b) A partnership is liable for the loss of money or property of a person who is not a partner that is:

(1) received in the course of the partnership's business; and

(2) misapplied by a partner while in the custody of the partnership.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 152.303. Liability of Partnership for Conduct of Partner - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-152-303/

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 before relying on it for your legal needs.

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