Texas Business Organizations Code 152.001 – Definitions
Terms Used In Texas Business Organizations Code 152.001
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreign: means , with respect to an entity, that the entity is formed under, and the entity's internal affairs are governed by, the laws of a jurisdiction other than this state. See Texas Business Organizations Code 1.002
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Limited liability partnership: means a partnership governed as a limited liability partnership under Title 4. See Texas Business Organizations Code 1.002
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partner: means a limited partner or general partner. 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
In this chapter:
(1) “Event of withdrawal” or “withdrawal” means an event specified by § 152.501(b).
(2) “Event requiring a winding up” means an event specified by § 11.051 or 11.057.
(3) “Foreign limited liability partnership” means a partnership that:
(A) is foreign; and
(B) has the status of a limited liability partnership pursuant to the laws of the jurisdiction of formation.
(4) “Other partnership provisions” means the provisions of Chapters 151 and 154 and Title 1 to the extent applicable to partnerships.
(5) “Transfer” includes:
(A) an assignment;
(B) a conveyance;
(C) a lease;
(D) a mortgage;
(E) a deed;
(F) an encumbrance; and
(G) the creation of a security interest.
(6) “Withdrawn partner” means a partner with respect to whom an event of withdrawal has occurred.