152.304 – NATURE OF PARTNER'S LIABILITY. (a) Except as
Texas Business Organizations Code § 152.304
Summary
This law establishes that all partners in a partnership are jointly and severally liable for the partnership's obligations, unless otherwise agreed. New partners are not personally liable for obligations incurred before their admission to the partnership.
All partners share liability for partnership obligations.
New partners are not liable for pre-admission debts.
Liability can be altered by agreement or law.
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In simple terms: Learn about Texas's NATURE OF PARTNER'S LIABILITY. (a) Except as 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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