Texas Business Organizations Code 153.309 – Effect of Forfeiture of Right to Transact Business
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(a) Unless the right of the limited partnership to transact business is revived in accordance with § 153.310:
(1) the limited partnership may not maintain an action, suit, or proceeding in a court of this state; and
(2) a successor or assignee of the limited partnership may not maintain an action, suit, or proceeding in a court of this state on a right, claim, or demand arising from the transaction of business by the limited partnership in this state.
(b) The forfeiture of the right to transact business in this state does not:
(1) impair the validity of a contract or act of the limited partnership; or
(2) prevent the limited partnership from defending an action, suit, or proceeding in a court of this state.
Terms Used In Texas Business Organizations Code 153.309
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Contract: A legal written agreement that becomes binding when signed.
- Limited partner: means a person who has become, and has not ceased to be, a limited partner in a limited partnership in accordance with the governing documents of the limited partnership or this code. See Texas Business Organizations Code 1.002
- Limited partnership: means a partnership that is governed as a limited partnership under Title 4 and that has one or more general partners and one or more limited partners. 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
(c) This section and Sections 153.307 and 153.308 do not affect the liability of a limited partner.