153.413 – CLOSELY HELD LIMITED PARTNERSHIP. (a) In this
Texas Business Organizations Code § 153.413
Summary
This section defines a closely held limited partnership as one with fewer than 35 limited partners and no publicly traded interests. It also specifies that certain prior sections do not apply to claims or derivative proceedings involving limited partners in these partnerships.
Defines closely held limited partnership criteria.
Limits to fewer than 35 limited partners.
Excludes certain prior sections for limited partner claims.
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In simple terms: Learn about Texas's CLOSELY HELD LIMITED PARTNERSHIP. (a) In this 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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