153.403 – DEMAND. (a) A limited partner may not institute
Texas Business Organizations Code § 153.403
Summary
This law requires limited partners to wait 91 days after filing a written demand before initiating a derivative lawsuit against the partnership. It ensures that the partnership has time to address the issue raised in the demand before legal action is taken.
Limited partners must file a written demand before suing.
A 91-day waiting period is mandatory after the demand.
The partnership can resolve the issue during the waiting period.
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In simple terms: Learn about Texas's DEMAND. (a) A limited partner may not institute 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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