152.051 – PARTNERSHIP DEFINED. (a) In this section,
Texas Business Organizations Code § 152.051
Summary
This section defines a partnership in Texas as any association of two or more individuals conducting business for profit, regardless of intent or terminology used. It clarifies that the term 'association' differs from other legal definitions and establishes the foundational criteria for partnerships.
Partnerships arise from any business association for profit.
Intent to form a partnership is not required.
Terminology used does not affect partnership status.
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In simple terms: Learn about Texas's PARTNERSHIP DEFINED. (a) In this section, law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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