(a) A limited partnership that forfeits the right to transact business in this state as provided by § 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 § 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.

Terms Used In Texas Business Organizations Code 153.310

  • Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
  • Limited partnership: means a partnership that is governed as a limited partnership under Title 4 and that has one or more general partners and one or more limited partners. See Texas Business Organizations Code 1.002
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: means an entity governed as a partnership under Title 4. See Texas Business Organizations Code 1.002
  • Secretary: means the:
    (A) individual designated as secretary of an entity under the entity's governing documents; or
    (B) officer or committee of persons authorized to perform the functions of secretary of an entity without regard to the designated name of the officer or committee. See Texas Business Organizations Code 1.002
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