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Texas Business Organizations Code - BUS ORG § 153.151. Admission of General Partners

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

(a) After a limited partnership is formed, additional general partners may be admitted:

(1) in the manner provided by a written partnership agreement;  or

(2) if a written partnership agreement does not provide for the admission of additional general partners, with the written consent of all partners.

(a-1) On formation of a limited partnership, a person becomes a general partner if the person:

(1) has entered into the partnership agreement as a general partner;  and

(2) is named as a general partner in the certificate of formation of the limited partnership.

(b) A person may be a general partner unless the person lacks capacity apart from this chapter.

(c) A written partnership agreement may provide that a person may be admitted as a general partner in a limited partnership, including as a sole general partner, and may acquire a partnership interest in the limited partnership without:

(1) making a contribution to the limited partnership;  or

(2) assuming an obligation to make a contribution to the limited partnership.

(d) A written partnership agreement may provide that a person may be admitted as a general partner in a limited partnership, including as the sole general partner, without acquiring a partnership interest in the limited partnership.

(e) This section is not a limitation of or does not otherwise affect Section 153.152.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.151. Admission of General Partners - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-151/

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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