State Codes and Statutes
Statutes > Texas > Business-organizations-code > Title-4-partnerships > Chapter-151-general-provisions
BUSINESS ORGANIZATIONS CODE
TITLE 4. PARTNERSHIPS
CHAPTER 151. GENERAL PROVISIONS
Sec. 151.001. DEFINITIONS. In this title:
(1) "Capital account" means the amount computed by:
(A) adding the amount of a partner's original and additional
contributions of cash to a partnership, the agreed value of any
other property that that partner originally or additionally
contributed to the partnership, and allocations of partnership
profits to that partner; and
(B) subtracting the amount of distributions to that partner and
allocations of partnership losses to that partner.
(2) "Distribution" means a transfer of property, including cash,
from a partnership to a partner in the partner's capacity as a
partner or the partner's transferee.
(3) "Foreign limited partnership" means a partnership formed
under the laws of another state that has one or more general
partners and one or more limited partners.
(4) "Majority-in-interest," with respect to all or a specified
group of partners, means partners who own more than 50 percent of
the current percentage or other interest in the profits of the
partnership that is owned by all of the partners or by the
partners in the specified group, as appropriate.
(5) "Partnership agreement" means any agreement, written or
oral, of the partners concerning a partnership.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2005, 79th Leg., Ch.
64, Sec. 76, eff. January 1, 2006.
Acts 2007, 80th Leg., R.S., Ch.
688, Sec. 103, eff. September 1, 2007.
Sec. 151.002. KNOWLEDGE OF FACT. For purposes of this title, a
person has knowledge of a fact only if the person has actual
knowledge of the fact.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Sec. 151.003. NOTICE OF FACT. (a) For purposes of this title,
a person has notice of a fact if the person:
(1) has knowledge of the fact;
(2) has received a communication of the fact as provided by
Subsection (c); or
(3) reasonably should have concluded, from all facts then known
to that person, that the fact exists.
(b) A person notifies or gives notice to another person of a
fact by taking actions reasonably required to inform the other
person of the fact in the ordinary course of business, regardless
of whether the other person actually has knowledge of the fact.
(c) A person is notified or receives notice of a fact when the
fact is communicated to:
(1) the person;
(2) the person's place of business; or
(3) another place held out by the person as the place for
receipt of communications.
(d) Receipt of notice by a partner of a fact relating to the
partnership is effective immediately as notice to the partnership
unless fraud against the partnership is committed by or with the
consent of the partner receiving the notice.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Sec. 151.004. OFFICERS. A partnership may have elected or
appointed officers in accordance with Section 3.103.
Added by Acts 2009, 81st Leg., R.S., Ch.
84, Sec. 46, eff. September 1, 2009.
State Codes and Statutes
Statutes > Texas > Business-organizations-code > Title-4-partnerships > Chapter-151-general-provisions
BUSINESS ORGANIZATIONS CODE
TITLE 4. PARTNERSHIPS
CHAPTER 151. GENERAL PROVISIONS
Sec. 151.001. DEFINITIONS. In this title:
(1) "Capital account" means the amount computed by:
(A) adding the amount of a partner's original and additional
contributions of cash to a partnership, the agreed value of any
other property that that partner originally or additionally
contributed to the partnership, and allocations of partnership
profits to that partner; and
(B) subtracting the amount of distributions to that partner and
allocations of partnership losses to that partner.
(2) "Distribution" means a transfer of property, including cash,
from a partnership to a partner in the partner's capacity as a
partner or the partner's transferee.
(3) "Foreign limited partnership" means a partnership formed
under the laws of another state that has one or more general
partners and one or more limited partners.
(4) "Majority-in-interest," with respect to all or a specified
group of partners, means partners who own more than 50 percent of
the current percentage or other interest in the profits of the
partnership that is owned by all of the partners or by the
partners in the specified group, as appropriate.
(5) "Partnership agreement" means any agreement, written or
oral, of the partners concerning a partnership.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2005, 79th Leg., Ch.
64, Sec. 76, eff. January 1, 2006.
Acts 2007, 80th Leg., R.S., Ch.
688, Sec. 103, eff. September 1, 2007.
Sec. 151.002. KNOWLEDGE OF FACT. For purposes of this title, a
person has knowledge of a fact only if the person has actual
knowledge of the fact.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Sec. 151.003. NOTICE OF FACT. (a) For purposes of this title,
a person has notice of a fact if the person:
(1) has knowledge of the fact;
(2) has received a communication of the fact as provided by
Subsection (c); or
(3) reasonably should have concluded, from all facts then known
to that person, that the fact exists.
(b) A person notifies or gives notice to another person of a
fact by taking actions reasonably required to inform the other
person of the fact in the ordinary course of business, regardless
of whether the other person actually has knowledge of the fact.
(c) A person is notified or receives notice of a fact when the
fact is communicated to:
(1) the person;
(2) the person's place of business; or
(3) another place held out by the person as the place for
receipt of communications.
(d) Receipt of notice by a partner of a fact relating to the
partnership is effective immediately as notice to the partnership
unless fraud against the partnership is committed by or with the
consent of the partner receiving the notice.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Sec. 151.004. OFFICERS. A partnership may have elected or
appointed officers in accordance with Section 3.103.
Added by Acts 2009, 81st Leg., R.S., Ch.
84, Sec. 46, eff. September 1, 2009.
State Codes and Statutes
Statutes >
Texas >
Business-organizations-code >
Title-4-partnerships >
Chapter-151-general-provisions BUSINESS ORGANIZATIONS CODE
TITLE 4. PARTNERSHIPS
CHAPTER 151. GENERAL PROVISIONS
Sec. 151.001. DEFINITIONS. In this title:
(1) "Capital account" means the amount computed by:
(A) adding the amount of a partner's original and additional
contributions of cash to a partnership, the agreed value of any
other property that that partner originally or additionally
contributed to the partnership, and allocations of partnership
profits to that partner; and
(B) subtracting the amount of distributions to that partner and
allocations of partnership losses to that partner.
(2) "Distribution" means a transfer of property, including cash,
from a partnership to a partner in the partner's capacity as a
partner or the partner's transferee.
(3) "Foreign limited partnership" means a partnership formed
under the laws of another state that has one or more general
partners and one or more limited partners.
(4) "Majority-in-interest," with respect to all or a specified
group of partners, means partners who own more than 50 percent of
the current percentage or other interest in the profits of the
partnership that is owned by all of the partners or by the
partners in the specified group, as appropriate.
(5) "Partnership agreement" means any agreement, written or
oral, of the partners concerning a partnership.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2005, 79th Leg., Ch.
64, Sec. 76, eff. January 1, 2006.
Acts 2007, 80th Leg., R.S., Ch.
688, Sec. 103, eff. September 1, 2007.
Sec. 151.002. KNOWLEDGE OF FACT. For purposes of this title, a
person has knowledge of a fact only if the person has actual
knowledge of the fact.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Sec. 151.003. NOTICE OF FACT. (a) For purposes of this title,
a person has notice of a fact if the person:
(1) has knowledge of the fact;
(2) has received a communication of the fact as provided by
Subsection (c); or
(3) reasonably should have concluded, from all facts then known
to that person, that the fact exists.
(b) A person notifies or gives notice to another person of a
fact by taking actions reasonably required to inform the other
person of the fact in the ordinary course of business, regardless
of whether the other person actually has knowledge of the fact.
(c) A person is notified or receives notice of a fact when the
fact is communicated to:
(1) the person;
(2) the person's place of business; or
(3) another place held out by the person as the place for
receipt of communications.
(d) Receipt of notice by a partner of a fact relating to the
partnership is effective immediately as notice to the partnership
unless fraud against the partnership is committed by or with the
consent of the partner receiving the notice.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Sec. 151.004. OFFICERS. A partnership may have elected or
appointed officers in accordance with Section 3.103.
Added by Acts 2009, 81st Leg., R.S., Ch.
84, Sec. 46, eff. September 1, 2009.
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