153.161 – LIABILITY OF GENERAL PARTNER FOR DEBT INCURRED
Texas Business Organizations Code § 153.161
Summary
This law limits the personal liability of a general partner for debts incurred after their withdrawal from the partnership. It protects partners from being held responsible for obligations created after they are no longer active in the partnership, unless specified otherwise in a written agreement.
General partners are not liable for debts after withdrawal.
Liability can be altered by a written partnership agreement.
Protection applies only if creditors are aware of the withdrawal.
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In simple terms: Learn about Texas's LIABILITY OF GENERAL PARTNER FOR DEBT INCURRED 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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