153.153 – POWERS AND LIABILITIES OF PERSON WHO IS BOTH
Texas Business Organizations Code § 153.153
Summary
This law outlines the powers and liabilities of individuals who serve as both general and limited partners in a partnership. It clarifies that such individuals have the rights and responsibilities of a general partner while also retaining certain rights as a limited partner, unless specified otherwise in the partnership agreement.
Combines rights of general and limited partners.
Subject to general partner restrictions and liabilities.
Partnership agreement may alter standard provisions.
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In simple terms: Learn about Texas's POWERS AND LIABILITIES OF PERSON WHO IS BOTH 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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