Texas § BO.152.203 - RIGHTS AND DUTIES OF PARTNER
Full text of Texas The Texas Constitution § BO.152.203 — RIGHTS AND DUTIES OF PARTNER, with citation guidance and answers to common questions.
§ BO.152.203. RIGHTS AND DUTIES OF PARTNER
RIGHTS AND DUTIES OF PARTNER. (a) Each partner has equal rights in the management and conduct of the business of a partnership. A partner's right to participate in the management and conduct of the business is not community property. (b) A partner may use or possess partnership property only on behalf of the partnership. (c) A partner is not entitled to receive compensation for services performed for a partnership other than reasonable compensation for services rendered in winding up the business of the partnership. (d) A partner who, in the proper conduct of the business of the partnership or for the preservation of its business or property, reasonably makes a payment or advance beyond the amount the partner agreed to contribute, or who reasonably incurs a liability, is entitled to be repaid and to receive interest from the date of the: (1) payment or advance; or (2) incurrence of the liability. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § BO.152.203
What does The Texas Constitution § BO.152.203 cover?
Section BO.152.203 ("RIGHTS AND DUTIES OF PARTNER") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BO.152.203?
A common citation format is "The Texas Constitution § BO.152.203" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BO.152.203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.