US Laws, Codes, Statutes & Cases

BUSINESS ORGANIZATION CODE

TITLE 4. PARTNERSHIPS

CHAPTER 151. GENERAL PROVISIONS


	§ 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)  a partner in the partner's capacity as a 
partner;  or                 
			(B)  a 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, § 1, eff. Jan. 1, 2006.  Amended by 
Acts 2005, 79th Leg., ch. 64, § 76, eff. Jan. 1, 2006.


	§ 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, § 1, eff. Jan. 1, 2006.                     


	§ 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, § 1, eff. Jan. 1, 2006.