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Tex. Business Organizations Code § 153.102

LIABILITY TO THIRD PARTIES

Texas · Texas Business Organizations Code · Status: effective

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Tex. Business Organizations Code § 153.102, LIABILITY TO THIRD PARTIES, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/584097
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(a) A limited partner is not liable for the obligations of a limited partnership unless: (1) the limited partner is also a general partner; or (2) in addition to the exercise of the limited partner's rights and powers as a limited partner, the limited partner participates in the control of the business. (b) If the limited partner participates in the control of the business, the limited partner is liable only to a person who transacts business with the limited partnership reasonably believing, based on the limited partner's conduct, that the limited partner is a general partner.