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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Unless the right of the limited partnership to transact business is revived in accordance with Section 153.310:
(1) the limited partnership may not maintain an action, suit, or proceeding in a court of this state; and
(2) a successor or assignee of the limited partnership may not maintain an action, suit, or proceeding in a court of this state on a right, claim, or demand arising from the transaction of business by the limited partnership in this state.
(b) The forfeiture of the right to transact business in this state does not:
(1) impair the validity of a contract or act of the limited partnership; or
(2) prevent the limited partnership from defending an action, suit, or proceeding in a court of this state.
(c) This section and Sections 153.307 and 153.308 do not affect the liability of a limited partner.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.309. Effect of Forfeiture of Right to Transact Business - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-309/
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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