152.303 – LIABILITY OF PARTNERSHIP FOR CONDUCT OF PARTNER.
Texas Business Organizations Code § 152.303
Summary
This law establishes that a partnership can be held liable for wrongful acts committed by a partner during the course of business or with the partnership's authority. It affects both partners and third parties who may suffer losses due to a partner's actions.
Partnerships are liable for partners' wrongful acts in business.
Liability extends to losses incurred by non-partners.
Authority of the partner affects the partnership's liability.
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In simple terms: Learn about Texas's LIABILITY OF PARTNERSHIP FOR CONDUCT OF PARTNER. 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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