Updated February 12, 2022
A Texas partnership agreement is a legal document that defines the duties, roles, and liabilities for all partners involved. It generally presents ownership interests, dispute resolution, dissolution, duration, and liabilities. The agreement has to be as specific as possible in order to limit future misunderstandings.
Partnership Types
- General Partnerships (GP) – Title 4, Chapter 152 (§§ 001-914)
- Limited Partnership (LP) – Title 4, Chapter 153 (§§ 001-555)
- Limited Liability Partnership (LLP) – Title 4, Chapter 153, Subchapter H (§§ 351-353)
- Limited Liability Limited Partnership (LLLP) – § 5.055
- Limited Liability Companies (LLC) – Title 3, Chapter 101 (§§ 001-636)