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Tex. Bus. Orgs. Code § 152.203

RIGHTS AND DUTIES OF PARTNER

Applied in 1 court decision — leading case 871 F. Supp. 2d 620 - Wesolek ex rel. Layton Energy Wharton Fund, LP v. Layton (2012)

Most recently applied in 871 F. Supp. 2d 620 - Wesolek ex rel. Layton Energy Wharton Fund, LP v. Layton (May 2012)

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff

(a) Each partner has equal rights in the management and conduct of the business of a partnership. A partner's right to participate in the management and conduct of the business is not community property.

(b) A partner may use or possess partnership property only on behalf of the partnership.

(c) A partner is not entitled to receive compensation for services performed for a partnership other than reasonable compensation for services rendered in winding up the business of the partnership.

(d) A partner who, in the proper conduct of the business of the partnership or for the preservation of its business or property, reasonably makes a payment or advance beyond the amount the partner agreed to contribute, or who reasonably incurs a liability, is entitled to be repaid and to receive interest from the date of the:

(1) payment or advance; or

(2) incurrence of the liability.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.