81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 45 of 64
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S.B. No. 1442
1 SECTION 51. Section 153.103, Business Organizations Code,
2 is amended to read as follows:
3 Sec. 153.103. ACTIONS NOT CONSTITUTING PARTICIPATION IN
4 BUSINESS FOR LIABILITY PURPOSES. For purposes of this section and
5 Sections 153.102, 153.104, and 153.105, a limited partner does not
6 participate in the control of the business because the limited
7 partner has or has acted in one or more of the following capacities
8 or possesses or exercises one or more of the following powers:
9 1 (1) acting as:
10 (A) a contractor for or an officer or other agent
11 or employee of the limited partnership;
12 (B) a contractor for or an agent or employee of a
13 general partner;
14 (C) an officer, director, or stockholder of a
15 corporate general partner;
16 (D) a partner of a partnership that is a general
17 partner of the limited partnership; or
18 (E) a member or manager of a limited liability
19 company that is a general partner of the limited partnership;
20 (2) acting in a capacity similar to that described in
21 Subdivision (1) with any other person that is a general partner of
22 the limited partnership;
23 (3) consulting with or advising a general partner on
24 any matter, including the business of the limited partnership;
25 (4) acting as surety, guarantor, or endorser for the
26 limited partnership, guaranteeing or assuming one or more specific
27 obligations of the limited partnership, or providing collateral for
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310916/m1/45/: accessed January 20, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.