153.106 – ERRONEOUS BELIEF OF CONTRIBUTOR BEING LIMITED
Texas Business Organizations Code § 153.106
Summary
This law protects individuals who mistakenly believe they are limited partners in a partnership. If they act in good faith and within a reasonable timeframe, they are not held liable as general partners for their contributions or actions related to the partnership.
Protects good faith contributors from liability as general partners.
Applies to those who mistakenly believe they are limited partners.
Liability protection is valid if actions are taken within a reasonable time.
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In simple terms: Learn about Texas's ERRONEOUS BELIEF OF CONTRIBUTOR BEING 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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