152.204 – GENERAL STANDARDS OF PARTNER'S CONDUCT. (a) A
Texas Business Organizations Code § 152.204
Summary
This law establishes the fundamental duties that partners owe to each other and the partnership, including loyalty and care. It applies to all partners within a partnership, ensuring they act in the best interest of the partnership and its members.
Partners must uphold a duty of loyalty to the partnership.
Partners are required to exercise care in their duties.
Duties extend to deceased partners' transferees as well.
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In simple terms: Learn about Texas's GENERAL STANDARDS OF PARTNER'S CONDUCT. (a) 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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