152.102 – CLASSIFICATION AS PARTNERSHIP PROPERTY. (a)
Texas Business Organizations Code § 152.102
Summary
This law defines what constitutes partnership property in Texas. It specifies that property acquired in the name of the partnership or partners, indicating their capacity, is considered partnership property.
Property acquired in the partnership's name is partnership property.
Property is also partnership property if acquired by partners indicating their partnership status.
Property bought with partnership funds is presumed to be partnership property.
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In simple terms: Learn about Texas's CLASSIFICATION AS PARTNERSHIP PROPERTY. (a) 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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