This law outlines when a person becomes a limited partner in a limited partnership. It specifies that a person is admitted as a limited partner either on the formation date of the partnership or on a specified date in the partnership's records.
Admission occurs on formation date or specified record date.
Limited partners are defined by their partnership interest.
Records must reflect the admission date for clarity.
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In simple terms: Learn about Texas's ADMISSION OF LIMITED PARTNERS. (a) In 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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