Texas § BO.153.413 - CLOSELY HELD LIMITED PARTNERSHIP
Full text of Texas The Texas Constitution § BO.153.413 — CLOSELY HELD LIMITED PARTNERSHIP, with citation guidance and answers to common questions.
§ BO.153.413. CLOSELY HELD LIMITED PARTNERSHIP
CLOSELY HELD LIMITED PARTNERSHIP. (a) In this section, "closely held limited partnership" means a limited partnership that has: (1) fewer than 35 limited partners; and (2) no partnership interests listed on a national securities exchange or regularly quoted in an over-the-counter market by one or more members of a national securities association. (b) Sections 153.402-153.410 do not apply to a derivative proceeding by a limited partner of a closely held limited partnership against a present or former general partner, limited partner, or officer of the limited partnership. In the event the limited partner also asserts a claim in the derivative proceeding against a person who is not a present or former general partner, limited partner, or officer, this subsection shall apply only to a claim in the derivative proceeding against a present or former general partner, limited partner, or officer. (c) If Sections 153.402-153.410 do not apply because of Subsection (b) and if justice requires: (1) a derivative proceeding brought by a limited partner of a closely held limited partnership may be treated by a court as a direct action brought by the limited partner for the limited partner's own benefit; and (2) a recovery in a direct or derivative proceeding by a limited partner may be paid directly to the plaintiff or to the limited partnership if necessary to protect the interests of creditors or other partners of the limited partnership. (d) Other provisions of state law govern whether a limited partner has a direct cause of action or right to sue a general partner, limited partner, or officer, and this section may not be construed to create that direct cause of action or right to sue. Added by Acts 2019, 86th Leg., R.S., Ch. 899 (H.B. 3603 ), Sec. 30, eff. September 1, 2019. Amended by: Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411 ), Sec. 52, eff. September 1, 2025. SUBCHAPTER K. SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS
Frequently Asked Questions About Texas § BO.153.413
What does The Texas Constitution § BO.153.413 cover?
Section BO.153.413 ("CLOSELY HELD LIMITED PARTNERSHIP") 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.153.413?
A common citation format is "The Texas Constitution § BO.153.413" (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.153.413 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.