§ 153.101 — ADMISSION OF LIMITED PARTNERS.

Texas § 153.101

• Jurisdiction: Texas
• Code BO: Business Organizations Code

Text

Sec. 153.101. ADMISSION OF LIMITED PARTNERS. (a) In connection with the formation of a limited partnership, a person acquiring a limited partnership interest becomes a limited partner on the later of:
(1) the date on which the limited partnership is formed; or
(2) the date stated in the records of the limited partnership as the date on which the person becomes a limited partner or, if that date is not stated in those records, the date on which the person's admission is first reflected in the records of the limited partnership.
(b) After a limited partnership is formed, a person who acquires a partnership interest directly from the limited partnership becomes a new limited partner on:
(1) compliance with the provisions of the partnership agreement governing admission of new limited partners; or
(2) if the partnership agreement does not contain relevant admission provisions, the written consent of all partners.
(c) After formation of a limited partnership, an assignee of a partnership interest becomes a new limited partner as provided by Section 153.253 (a).
(d) A person may be a limited partner unless the person lacks capacity apart from this chapter and the other limited partnership provisions.

Legislative History

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.