Texas Business Organizations Code 152.210 – Partner’s Liability to Partnership and Other Partners
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Terms Used In Texas Business Organizations Code 152.210
- 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
A partner is liable to a partnership and the other partners for:
(1) a breach of the partnership agreement; or
(2) a violation of a duty to the partnership or other partners under this chapter that causes harm to the partnership or the other partners.