Tex. Business Organizations Code § 152.303
This is the official text of Tex. Business Organizations Code § 152.303, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 152.303. LIABILITY OF PARTNERSHIP FOR CONDUCT OF PARTNER.
Official statutory text
(a) A partnership is liable for loss or injury to a person, including a partner, or for a penalty caused by or incurred as a result of a wrongful act or omission or other actionable conduct of a partner acting:
(1) in the ordinary course of business of the partnership; or
(2) with the authority of the partnership.
(b) A partnership is liable for the loss of money or property of a person who is not a partner that is:
(1) received in the course of the partnership's business; and
(2) misapplied by a partner while in the custody of the partnership.
(1) in the ordinary course of business of the partnership; or
(2) with the authority of the partnership.
(b) A partnership is liable for the loss of money or property of a person who is not a partner that is:
(1) received in the course of the partnership's business; and
(2) misapplied by a partner while in the custody of the partnership.
Status: in_force · Read it on the official government site
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