Texas Business Organizations Code 152.102 – Classification as Partnership Property
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(a) Property is partnership property if acquired in the name of:
(1) the partnership; or
(2) one or more partners, regardless of whether the name of the partnership is indicated, if the instrument transferring title to the property indicates:
(A) the person‘s capacity as a partner; or
(B) the existence of a partnership.
(b) Property is presumed to be partnership property if acquired with partnership property, regardless of whether the property is acquired as provided by Subsection (a).
Terms Used In Texas Business Organizations Code 152.102
- 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
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
(c) Property acquired in the name of one or more partners is presumed to be the partner’s property, regardless of whether the property is used for partnership purposes, if the instrument transferring title to the property does not indicate the person’s capacity as a partner or the existence of a partnership, and if the property is not acquired with partnership property.
(d) For purposes of this section, property is acquired in the name of the partnership by a transfer to:
(1) the partnership in its name; or
(2) one or more partners in the partners’ capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.