Texas Business Organizations Code 153.351 – Requirements
Current as of: 2024 | Check for updates
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Terms Used In Texas Business Organizations Code 153.351
- Limited liability partnership: means a partnership governed as a limited liability partnership under Title 4. 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
A limited partnership is a limited liability partnership and a limited partnership if the partnership:
(1) registers as a limited liability partnership:
(A) as permitted by its partnership agreement; or
(B) if its partnership agreement does not include a provision for becoming a limited liability partnership, with the consent of partners required to amend its partnership agreement;
(2) complies with Subchapter J, Chapter 152; and
(3) complies with Chapter 5.