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Texas Business Organizations Code - BUS ORG § 153.152. General Powers and Liabilities of General Partner

Current as of April 14, 2021 | Updated by FindLaw Staff

(a) Except as provided by this chapter, the other limited partnership provisions, or a partnership agreement, a general partner of a limited partnership:

(1) has the rights and powers and is subject to the restrictions of a partner in a partnership without limited partners;  and

(2) has the liabilities of a partner in a partnership without limited partners to the partnership and to the other partners.

(b) Except as provided by this chapter or the other limited partnership provisions, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to a person other than the partnership and the other partners.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.152. General Powers and Liabilities of General Partner - last updated April 14, 2021 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-152/

Read this complete Texas Business Organizations Code - BUS ORG § 153.152. General Powers and Liabilities of General Partner on Westlaw

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