152.205 – PARTNER'S DUTY OF LOYALTY. A partner's duty of
Texas Business Organizations Code § 152.205
Summary
This law establishes the duty of loyalty that partners owe to their partnership. It requires partners to account for any profits or benefits derived from partnership activities and prohibits them from engaging in transactions that conflict with the partnership's interests.
Partners must account for profits from partnership activities.
Partners cannot act on behalf of those with adverse interests.
Duty of loyalty is essential for maintaining partnership integrity.
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In simple terms: Learn about Texas's PARTNER'S DUTY OF LOYALTY. A partner's duty of 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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