Tex. Business Organizations Code § 153.102
This is the official text of Tex. Business Organizations Code § 153.102, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 153.102. LIABILITY TO THIRD PARTIES.
Official statutory text
(a) A limited partner is not liable for the obligations of a limited partnership unless:
(1) the limited partner is also a general partner; or
(2) in addition to the exercise of the limited partner's rights and powers as a limited partner, the limited partner participates in the control of the business.
(b) If the limited partner participates in the control of the business, the limited partner is liable only to a person who transacts business with the limited partnership reasonably believing, based on the limited partner's conduct, that the limited partner is a general partner.
(1) the limited partner is also a general partner; or
(2) in addition to the exercise of the limited partner's rights and powers as a limited partner, the limited partner participates in the control of the business.
(b) If the limited partner participates in the control of the business, the limited partner is liable only to a person who transacts business with the limited partnership reasonably believing, based on the limited partner's conduct, that the limited partner is a general partner.
Status: in_force · Read it on the official government site
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