Texas Business Organizations Code 154.101 – Class or Group of Partners
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(a) A partnership agreement may establish or provide for the future creation of additional classes or groups of one or more partners that have certain express relative rights, powers, and duties, including voting rights. The future creation of additional classes or groups may be expressed in the partnership agreement or at the time of creation of the class or group.
(b) The rights, powers, or duties of a class or group of partners may be senior to those partners of an existing class or group.
Terms Used In Texas Business Organizations Code 154.101
- 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