reglab/housing_qa huggingface dataset:
TX Bus Orgs § 153.201 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.201. Form of Contribution

Sec. 153.201.  FORM OF CONTRIBUTION.  The contribution of a partner may consist of a tangible or intangible benefit to the limited partnership or other property of any kind or nature, including:(1)  cash;(2)  a promissory note;(3)  services performed;(4)  a contract for services to be performed; and(5)  another interest in or security of the limited partnership, another domestic or foreign limited partnership, or other entity.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 89, eff. January 1, 2006.|
TX Bus Orgs § 153.202 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.202. Enforceability of Promise to Make Contribution

Sec. 153.202.  ENFORCEABILITY OF PROMISE TO MAKE CONTRIBUTION.  (a)  A promise by a limited partner to make a contribution to, or pay cash or transfer other property to, a limited partnership is not enforceable unless the promise is in writing and signed by the limited partner.(b)  Except as otherwise provided by the partnership agreement, a partner or the partner's legal representative or successor is obligated to the limited partnership to perform an enforceable promise to make a contribution to or pay cash or transfer other property to a limited partnership, notwithstanding the partner's death, disability, or other change in circumstances.(c)  If a partner or a partner's legal representative or successor does not make a contribution or other payment of cash or transfer of other property required by the enforceable promise, whether as a contribution or with respect to a contribution previously made, that partner or the partner's legal representative or successor is obligated, at the option of the limited partnership, to pay to the partnership an amount of cash equal to the portion of the agreed value, as stated in the partnership agreement or in the partnership records required to be kept under Sections 153.551 and 153.552, of the contribution represented by the amount of cash that has not been paid or the value of the property that has not been transferred.(d)  A partnership agreement may provide that the partnership interest of a partner who fails to make a payment of cash or transfer of other property to the partnership, whether as a contribution or with respect to a contribution previously made, required by an enforceable promise is subject to specified consequences, which may include:(1)  a reduction of the defaulting partner's percentage or other interest in the limited partnership;(2)  subordination of the partner's partnership interest to the interest of nondefaulting partners;(3)  a forced sale of the partner's partnership interest;(4)  forfeiture of the partner's partnership interest;(5)  the lending of money to the defaulting partner by other partners of the amount necessary to meet the defaulting partner's commitment;(6)  a determination of the value of the defaulting partner's partnership interest by appraisal or by formula and redemption or sale of the partnership interest at that value;  or(7)  another penalty or consequence.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.203 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.203. Release of Obligation to Partnership

Sec. 153.203.  RELEASE OF OBLIGATION TO PARTNERSHIP.  Unless otherwise provided by the partnership agreement, the obligation of a partner or the legal representative or successor of a partner to make a contribution, pay cash, transfer other property, or return cash or property paid or distributed to the partner in violation of this chapter or the partnership agreement may be compromised or released only by consent of all of the partners.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.204 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.204. Enforceability of Obligation

Sec. 153.204.  ENFORCEABILITY OF OBLIGATION.  (a)  Notwithstanding a compromise or release under Section 153.203, a creditor of a limited partnership who extends credit or otherwise acts in reasonable reliance on an obligation described by Section 153.203 may enforce the original obligation if:(1)  the obligation is reflected in a document signed by the partner;  and(2)  the document is not amended or canceled to reflect the compromise or release.(b)  Notwithstanding the compromise or release, a general partner remains liable to persons other than the partnership and the other partners, as provided by Sections 153.152(a)(2) and (b).|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.205 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.205. Requirements to Enforce Conditional Obligation

Sec. 153.205.  REQUIREMENTS TO ENFORCE CONDITIONAL OBLIGATION.  (a)  An obligation of a limited partner of a limited partnership that is subject to a condition may be enforced by the partnership creditor described by Section 153.204 only if the condition is satisfied or waived by or with respect to the limited partner.(b)  A conditional obligation of a limited partner of a limited partnership includes a contribution payable on a discretionary call of the limited partnership before the time the call occurs.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.206 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.206. Allocation of Profits and Losses

Sec. 153.206.  ALLOCATION OF PROFITS AND LOSSES.  (a)  The profits and losses of a limited partnership shall be allocated among the partners in the manner provided by a written partnership agreement.(b)  If a written partnership agreement does not provide for the allocation of profits and losses, the profits and losses shall be allocated:(1)  in accordance with the current percentage or other interest in the partnership stated in partnership records of the kind described by Section 153.551(a);  or(2)  if the allocation of profits and losses is not provided for in partnership records of the kind described by Section 153.551(a), in proportion to capital accounts.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.207 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.207. Right to Distribution

Sec. 153.207.  RIGHT TO DISTRIBUTION.  Subject to Section 153.210, when a partner becomes entitled to receive a distribution, the partner has with respect to the distribution the status of and is entitled to all remedies available to a creditor of the limited partnership.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.208 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.208. Sharing of Distributions

Sec. 153.208.  SHARING OF DISTRIBUTIONS.  (a)  A distribution of cash or another asset of a limited partnership shall be made to a partner in the manner provided by a written partnership agreement.(b)  If a written partnership agreement does not provide otherwise, a distribution that is a return of capital shall be made on the basis of the agreed value, as stated in the partnership records required to be maintained under Section 153.551(a), of the contribution made by each partner to the extent that the contribution has not been returned.  A distribution that is not a return of capital shall be made in proportion to the allocation of profits as determined under Section 153.206.(c)  Unless otherwise defined by a written partnership agreement, in this section, "return of capital" means a distribution to a partner to the extent that the partner's capital account, immediately after the distribution, is less than the amount of that partner's contribution to the partnership as reduced by a prior distribution that was a return of capital.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.209 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter E. Finances|Section 153.209. Interim Distributions

Sec. 153.209.  INTERIM DISTRIBUTIONS.  Except as otherwise provided by this section and Section 153.210, a partner is entitled to receive a distribution from a limited partnership to the extent and at the time or on the occurrence of an event specified in the partnership agreement before:(1)  the partner withdraws from the partnership;  and(2)  the winding up of the partnership business.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.251 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter F. Partnership Interest|Section 153.251. Assignment of Partnership Interest

Sec. 153.251.  ASSIGNMENT OF PARTNERSHIP INTEREST.  (a)  Except as otherwise provided by the partnership agreement, a partnership interest is assignable wholly or partly.(b)  Except as otherwise provided by the partnership agreement, an assignment of a partnership interest:(1)  does not require the winding up of a limited partnership;(2)  does not entitle the assignee to become, or to exercise rights or powers of, a partner; and(3)  entitles the assignee to be allocated income, gain, loss, deduction, credit, or similar items and to receive distributions to which the assignor was entitled to the extent those items are assigned.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 124, eff. September 1, 2007.|
TX Bus Orgs § 153.252 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter F. Partnership Interest|Section 153.252. Rights of Assignor

Sec. 153.252.  RIGHTS OF ASSIGNOR.  (a)  Except as otherwise provided by the partnership agreement, until the assignee becomes a partner, the assignor partner continues to be a partner in the limited partnership.  The assignor partner may exercise any rights or powers of a partner, except to the extent those rights or powers are assigned.(b)  Except as otherwise provided by the partnership agreement, on the assignment by a general partner of all of the general partner's rights as a general partner, the general partner's status as a general partner may be terminated by the affirmative vote of a majority-in-interest of the limited partners.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.253 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter F. Partnership Interest|Section 153.253. Rights of Assignee

Sec. 153.253.  RIGHTS OF ASSIGNEE.  (a)  An assignee of a partnership interest, including the partnership interest of a general partner, may become a limited partner if and to the extent that:(1)  the partnership agreement provides;  or(2)  all partners consent.(b)  An assignee who becomes a limited partner, to the extent of the rights and powers assigned, has the rights and powers and is subject to the restrictions and liabilities of a limited partner under a partnership agreement and this code.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.254 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter F. Partnership Interest|Section 153.254. Liability of Assignee

Sec. 153.254.  LIABILITY OF ASSIGNEE.  (a)  Until an assignee of the partnership interest in a limited partnership becomes a partner, the assignee does not have liability as a partner solely as a result of the assignment.(b)  Unless otherwise provided by a written partnership agreement, an assignee who becomes a limited partner:(1)  is liable for the obligations of the assignor to make contributions as provided by Sections 153.202-153.204;(2)  is not obligated for liabilities unknown to the assignee at the time the assignee became a limited partner and that could not be ascertained from a written partnership agreement;  and(3)  is not liable for the obligations of the assignor under Sections 153. 105, 153.112, and 153.162.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.255 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter F. Partnership Interest|Section 153.255. Liability of Assignor

Sec. 153.255.  LIABILITY OF ASSIGNOR.  Regardless of whether an assignee of a partnership interest becomes a limited partner, the assignor is not released from the assignor's liability to the limited partnership under Subchapter E and Sections 153.105, 153.112, and 153.162.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.256 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter F. Partnership Interest|Section 153.256. Partner's Partnership Interest Subject to Charging Order

Sec. 153.256.  PARTNER'S PARTNERSHIP INTEREST SUBJECT TO CHARGING ORDER.  (a)  On application by a judgment creditor of a partner or of any other owner of a partnership interest, a court having jurisdiction may  charge the partnership interest of the judgment debtor to satisfy the judgment.(b)  To the extent that the partnership interest is charged in the manner provided by Subsection (a), the judgment creditor has only the right to receive any distribution to which the judgment debtor would otherwise be entitled in respect of the partnership interest.(c)  A charging order constitutes a lien on the judgment debtor's partnership interest.  The charging order lien may not be foreclosed on under this code or any other law.(d)  The entry of a charging order is the exclusive remedy by which a judgment creditor of a partner or of any other owner of a partnership interest may satisfy a judgment out of the judgment debtor's partnership interest.(e)  This section does not deprive a partner or other owner of a partnership interest of a right under exemption laws with respect to the judgment debtor's partnership interest.(f)  A creditor of a partner or of any other owner of a partnership interest does not have the right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited partnership.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 125, eff. September 1, 2007.Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 53, eff. September 1, 2009.|
TX Bus Orgs § 153.257 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter F. Partnership Interest|Section 153.257. Exemption Laws Applicable to Partnership Interest Not Affected

Sec. 153.257.  EXEMPTION LAWS APPLICABLE TO PARTNERSHIP INTEREST NOT AFFECTED.  Section 153.256 does not deprive a partner of the benefit of an exemption law applicable to that partner's partnership interest.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.301 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.301. Periodic Report

Sec. 153.301.  PERIODIC REPORT.  The secretary of state may require a domestic limited partnership or a foreign limited partnership registered to transact business in this state that is not required to file a public information report with the comptroller under Section 171.203, Tax Code, to file a report not more than once every four years as required by this subchapter.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2015, 84th Leg., R.S., Ch. 1097 (H.B. 2891), Sec. 2, eff. January 1, 2016.|
TX Bus Orgs § 153.302 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.302. Form and Contents of Report

Sec. 153.302.  FORM AND CONTENTS OF REPORT.  (a)  The report must:(1)  include:(A)  the name of the limited partnership;(B)  the state or territory under the laws of which the limited partnership is formed;(C)  the address of the registered office of the limited partnership in this state and the name of the registered agent at that address;(D)  the address of the principal office in the United States where records are to be kept or made available under Sections 153.551 and 153.552;  and(E)  the name, mailing address, and street address of the business or residence of each general partner;(2)  be made on a form adopted by the secretary of state for that purpose;  and(3)  be signed on behalf of the limited partnership by at least one general partner.(b)  The information contained in the report must be given as of the date of the execution of the report.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.303 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.303. Filing Fee

Sec. 153.303.  FILING FEE.  The filing fee for the report is as provided by Chapter 4.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.304 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.304. Delivery of Report

Sec. 153.304.  DELIVERY OF REPORT.  The report must be delivered to the secretary of state not later than the 30th day after the date on which notice is mailed under Section 153.305.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.305 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.305. Action by Secretary of State

Sec. 153.305.  ACTION BY SECRETARY OF STATE.  (a)  The secretary of state shall send a notice that the report required by Section 153.301 is due.(b)  The notice must be:(1)  addressed to the limited partnership;  and(2)  mailed to:(A)  the registered office of the limited partnership;(B)  the last known address of the limited partnership as it appears on record in the office of the secretary of state;  or(C)  any other known place of business of the limited partnership.(c)  The secretary of state shall include with the notice a copy of a report form to be prepared and filed as provided by this subchapter.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.306 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.306. Effect of Filing Report

Sec. 153.306.  EFFECT OF FILING REPORT.  (a)  If the secretary of state finds that the report complies with this subchapter, the secretary shall:(1)  accept the report for filing;(2)  acknowledge to the limited partnership the filing of the report;  and(3)  update the records of the secretary of state's office to reflect:(A)  a reported change in the address of the registered office or principal office, or in the business or residence address of a general partner;  and(B)  a reported change in the name of the registered agent.(b)  The filing of a report under Section 153.301 does not relieve the limited partnership of the requirement to file an amendment to the certificate of formation required under Section 153.051 or 153.052, except that the limited partnership is not required to file an amendment to change the information specified in Subsection (a)(3).|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.307 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.307. Effect of Failure to File Report

Sec. 153.307.  EFFECT OF FAILURE TO FILE REPORT.  (a)  A domestic or foreign limited partnership that fails to file a report under Section 153.301 when the report is due forfeits the limited partnership's right to transact business in this state.  A forfeiture under this section takes effect without judicial ascertainment.(b)  When the right to transact business has been forfeited under this section, the secretary of state shall note that the right to transact business has been forfeited and the date of forfeiture on the record kept in the secretary's office relating to the limited partnership.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.308 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.308. Notice of Forfeiture of Right to Transact Business

Sec. 153.308.  NOTICE OF FORFEITURE OF RIGHT TO TRANSACT BUSINESS.  Notice of the forfeiture under Section 153.307 shall be mailed to the limited partnership at:(1)  the registered office of the limited partnership;(2)  the last known address of the limited partnership;  or(3)  any other place of business of the limited partnership.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 153.309 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.309. Effect of Forfeiture of Right to Transact Business

Sec. 153.309.  EFFECT OF FORFEITURE OF RIGHT TO TRANSACT BUSINESS.  (a)  Unless the right of the limited partnership to transact business is revived in accordance with Section 153.310:(1)  the limited partnership may not maintain an action, suit, or proceeding in a court of this state;  and(2)  a successor or assignee of the limited partnership may not maintain an action, suit, or proceeding in a court of this state on a right, claim, or demand arising from the transaction of business by the limited partnership in this state.(b)  The forfeiture of the right to transact business in this state does not:(1)  impair the validity of a contract or act of the limited partnership;  or(2)  prevent the limited partnership from defending an action, suit, or proceeding in a court of this state.(c)  This section and Sections 153.307 and 153.308 do not affect the liability of a limited partner.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 54, eff. September 1, 2009.|
TX Bus Orgs § 153.310 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter G. Reports|Section 153.310. Revival of Right to Transact Business

Sec. 153.310.  REVIVAL OF RIGHT TO TRANSACT BUSINESS.  (a)  A limited partnership that forfeits the right to transact business in this state as provided by Section 153.309 may be relieved from the forfeiture by filing the required report not later than the 120th day after the date of mailing of the notice of forfeiture under Section 153.308, accompanied by the filing fees as provided by Chapter 4.(b)  If a limited partnership complies with Subsection (a), the secretary of state shall:(1)  revive the right of the limited partnership to transact business in this state;(2)  cancel the note regarding the forfeiture;  and(3)  note the revival and the date of revival on the record kept in the secretary's office relating to the limited partnership.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|