Tex. Bus. Orgs. Code § 153.101 · Subchapter C. LIMITED PARTNERS
ADMISSION OF LIMITED PARTNERS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In connection with the formation of a limited partnership, a person acquiring a limited partnership interest becomes a limited partner on the later of:
(1) the date on which the limited partnership is formed; or
(2) the date stated in the records of the limited partnership as the date on which the person becomes a limited partner or, if that date is not stated in those records, the date on which the person's admission is first reflected in the records of the limited partnership.
(b) After a limited partnership is formed, a person who acquires a partnership interest directly from the limited partnership becomes a new limited partner on:
(1) compliance with the provisions of the partnership agreement governing admission of new limited partners; or
(2) if the partnership agreement does not contain relevant admission provisions, the written consent of all partners.
(c) After formation of a limited partnership, an assignee of a partnership interest becomes a new limited partner as provided by Section 153.253(a).
(d) A person may be a limited partner unless the person lacks capacity apart from this chapter and the other limited partnership provisions.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.153.htm
- Text hash
- sha256 5fd2a07d4db4199a415b75e791e5a4e0fe4ed49f45bc1afdc4c61e101cb36a42
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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Business Organizations Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.