153.309 – EFFECT OF FORFEITURE OF RIGHT TO TRANSACT
Texas Business Organizations Code § 153.309
Summary
This law states that if a limited partnership's right to conduct business is forfeited, it cannot initiate legal actions in Texas courts unless that right is restored. This affects limited partnerships and their successors or assignees, limiting their ability to enforce claims related to business transactions.
Forfeiture prevents limited partnerships from suing in Texas courts.
Legal actions can only resume if the right to transact is revived.
Successors or assignees are also barred from legal proceedings.
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In simple terms: Learn about Texas's EFFECT OF FORFEITURE OF RIGHT TO TRANSACT 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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