Source: https://chowinslaw.com/resources/texas-business-laws/333-limited-and-general-partners-texas-business-organizations
Timestamp: 2019-04-23 04:35:09+00:00

Document:
§ 153.101. ADMISSION OF LIMITED PARTNERS.
(c) After formation of a limited partnership, an assignee of a partnership interest becomes a new limited partner as provided by § 153.253(a).
§ 153.102. LIABILITY TO THIRD PARTIES.
§ 153.103. ACTIONS NOT CONSTITUTING PARTICIPATION IN BUSINESS FOR LIABILITY PURPOSES.
§ 153.104. ENUMERATION OF ACTIONS NOT EXCLUSIVE.
The enumeration in § 153.103 does not mean that a limited partner who has acted or acts in another capacity or possesses or exercises another power constitutes participation by that limited partner in the control of the business of the limited partnership.
§ 153.105. CREATION OF RIGHTS.
§ 153.106. ERRONEOUS BELIEF OF CONTRIBUTOR BEING LIMITED PARTNER.
§ 153.107. STATEMENT REQUIRED FOR LIABILITY PROTECTION.
(C) the statement is being filed under § 153.106(2) and the person signing the written statement is claiming status as a limited partner of the partnership named in the document.
(c) A statement filed under § 153.106(2) may be signed by more than one person claiming limited partnership status under this § and §§ 153.106, 153.108, and 153.109.
§ 153.108. REQUIREMENTS FOR LIABILITY PROTECTION FOLLOWING EXPIRATION OF STATEMENT.
(2) bring an action under § 153.554 to compel the execution and filing of a certificate of formation or amendment.
(b) If an action is brought within the applicable period and is diligently prosecuted to conclusion, the person bringing the action continues to be protected from liability under § 153.106(2) until the action is finally decided adversely to that person.
(c) This § and §§ 153.106, 153.107, and 153.109 do not protect a person from liability that arises under §§ 153.102-153.105.
§ 153.109. LIABILITY OF ERRONEOUS CONTRIBUTOR.
§ 153.110. WITHDRAWAL OF LIMITED PARTNER.
A limited partner may withdraw from a limited partnership only at the time or on the occurrence of an event specified in a written partnership agreement. The withdrawal of the partner must be made in accordance with that agreement.
§ 153.111. DISTRIBUTION ON WITHDRAWAL.
Except as otherwise provided by § 153.210 or the partnership agreement, on withdrawal a withdrawing limited partner is entitled to receive, not later than a reasonable time after withdrawal, the fair value of that limited partner's interest in the limited partnership as of the date of withdrawal.
§ 153.112. RECEIPT OF WRONGFUL DISTRIBUTION.
A limited partner who receives a distribution that is not permitted under § 153.210 is not required to return the distribution unless the limited partner knew that the distribution violated the prohibition of § 153.210. This § does not affect an obligation of the limited partner under the partnership agreement or other applicable law to return the distribution.
§ 153.113. POWERS OF ESTATE OF LIMITED PARTNER WHO IS DECEASED OR INCAPACITATED.
If a limited partner who is an individual dies or a court adjudges the limited partner to be incapacitated in managing the limited partner's person or property, the limited partner's executor, administrator, guardian, conservator, or other legal representative may exercise all of the limited partner's rights and powers to settle the limited partner's estate or administer the limited partner's property, including the power of an assignee to become a limited partner under the partnership agreement.
§ 153.151. ADMISSION OF GENERAL PARTNERS.
(e) This § is not a limitation of or does not otherwise affect § 153.152.
§ 153.152. GENERAL POWERS AND LIABILITIES OF GENERAL PARTNER.
§ 153.153. POWERS AND LIABILITIES OF PERSON WHO IS BOTH GENERAL PARTNER AND LIMITED PARTNER.
§ 153.154. CONTRIBUTIONS BY AND DISTRIBUTIONS TO GENERAL PARTNER.
A general partner of a limited partnership may make a contribution to, be allocated profits and losses of, and receive a distribution from the limited partnership as a general partner, a limited partner, or both.
§ 153.155. WITHDRAWAL OF GENERAL PARTNER.
§ 153.156. NOTICE OF EVENT OF WITHDRAWAL.
A general partner who is subject to an event that with the passage of the specified period becomes an event of withdrawal under § 153.155(a)(4) or (5) shall notify the other partners of the event not later than the 30th day after the date on which the event occurred.
§ 153.157. WITHDRAWAL OF GENERAL PARTNER IN VIOLATION OF PARTNERSHIP AGREEMENT.
Unless otherwise provided by the partnership agreement, a withdrawal by a general partner of a partnership having a period of duration or for a particular undertaking before the expiration of that period or completion of that undertaking is a breach of the partnership agreement.
§ 153.158. EFFECT OF WITHDRAWAL.
§ 153.159. CONVERSION OF PARTNERSHIP INTEREST AFTER WITHDRAWAL.
If the partners convert the partnership interest under § 153.158(a)(1), the limited partnership interest may be reduced pro rata with all other partners to provide compensation, an interest in the partnership, or both, to a replacement general partner.
§ 153.160. EFFECT OF CONVERSION OF PARTNERSHIP INTEREST.
§ 153.161. LIABILITY OF GENERAL PARTNER FOR DEBT INCURRED AFTER EVENT OF WITHDRAWAL.
(a) Unless otherwise provided by a written partnership agreement and subject to the liability created under § 153.162, a general partner who ceases to be a general partner under § 153.155 is not personally liable in the partner's capacity as a general partner for partnership debt incurred after that partner ceases to be a general partner unless the applicable creditor at the time the debt was incurred reasonably believed that the partner remained a general partner.
§ 153.162. LIABILITY FOR WRONGFUL WITHDRAWAL.
(a) If a general partner's withdrawal from a limited partnership violates the partnership agreement, the partnership may recover damages from the withdrawing general partner for breach of the partnership agreement, including the reasonable cost of obtaining replacement of the services the withdrawn partner was obligated to perform.
(b) In addition to pursuing any remedy available under applicable law, the partnership may effect the recovery of damages under Subsection (a) by offsetting those damages against the amount otherwise distributable to the withdrawing general partner, reducing the limited partner interest into which the withdrawing general partner's interest may be converted under § 153.158(a)(1), or both.

References: § 153

§ 153

§ 153

§ 153
 § 153

§ 153

§ 153

§ 153
 § 153
 § 153

§ 153
 § 153
 § 153

§ 153

§ 153

§ 153
 § 153

§ 153
 § 153
 § 153

§ 153

§ 153
 § 153

§ 153

§ 153

§ 153

§ 153

§ 153
 § 153

§ 153

§ 153

§ 153
 § 153

§ 153

§ 153
 § 153
 § 153

§ 153
 § 153