153.102 – LIABILITY TO THIRD PARTIES. (a) A limited
Texas Business Organizations Code § 153.102
Summary
This law establishes that limited partners in a limited partnership are generally not liable for the partnership's obligations. However, if they engage in business control or are also general partners, they may be held liable to third parties.
Limited partners are typically shielded from liability.
Liability arises if a limited partner controls the business.
General partners are always liable for partnership obligations.
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In simple terms: Learn about Texas's LIABILITY TO THIRD PARTIES. (a) A limited 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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