Tex. Bus. Org. Code § 152.304

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 152.304 - Nature of Partner's Liability

(a) Except as provided by Subsection (b) or Section 152.801(a), all partners are jointly and severally liable for all obligations of the partnership unless otherwise:

(1) agreed by the claimant; or

(2) provided by law.

(b) A person who is admitted as a partner into an existing partnership does not have personal liability under Subsection (a) for an obligation of the partnership that:

(1) arises before the partner's admission to the partnership;

(2) relates to an action taken or omission occurring before the partner's admission to the partnership; or

(3) arises before or after the partner's admission to the partnership under a contract or commitment entered into before the partner's admission.

Tex. Bus. Org. Code § 152.304

Amended by Acts 2011, 82nd Leg., R.S., Ch. 139, Sec. 42, eff. 9/1/2011.

Amended by Acts 2007, 80th Leg., R.S., Ch. 688, Sec. 106, eff. 9/1/2007.

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