1151.154 – ADMINISTRATION OF PARTNERSHIP INTEREST. (a)
Texas Estates Code § 1151.154
Summary
This law governs the administration of a partnership interest when a partner becomes incapacitated. It allows the guardian of the incapacitated partner to take their place in the partnership, ensuring continuity in management and obligations.
Applies to general partnerships with specific partnership agreements.
Guardians can step into the role of incapacitated partners.
Guardians may incur liability when entering the partnership.
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In simple terms: Learn about Texas's ADMINISTRATION OF PARTNERSHIP INTEREST. (a) 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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