Sec. 153.153. POWERS AND LIABILITIES OF PERSON WHO IS BOTH GENERAL PARTNER AND LIMITED PARTNER. A person who is both a general partner and a limited partner:
(1) has the rights and powers and is subject to the restrictions and liabilities of a general partner; and
(2) except as otherwise provided by the partnership agreement, this chapter, or the other limited partnership provisions, has the rights and powers and is subject to the restrictions and liabilities, if any, of a limited partner to the extent of the general partner's participation in the partnership as a limited partner.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 153 - Limited Partnerships
Subchapter D. General Partners
Section 153.151. Admission of General Partners
Section 153.152. General Powers and Liabilities of General Partner
Section 153.153. Powers and Liabilities of Person Who Is Both General Partner and Limited Partner
Section 153.154. Contributions by and Distributions to General Partner
Section 153.155. Withdrawal of General Partner
Section 153.156. Notice of Event of Withdrawal
Section 153.157. Withdrawal of General Partner in Violation of Partnership Agreement
Section 153.158. Effect of Withdrawal
Section 153.159. Conversion of Partnership Interest After Withdrawal
Section 153.160. Effect of Conversion of Partnership Interest
Section 153.161. Liability of General Partner for Debt Incurred After Event of Withdrawal