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Texas Limited Partnership - History In The Making
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Auguest 10, 2004
By Richard Smith, LLB
When people think about limited liability partnerships,
they generally think of the State of Delaware. However,
this is a little unfair as it was the great State
of Texas that first introduced a statute, in 1991
(following the banking and loan scandals), providing
limited liability protection to law and accounting
firms; who, at such time, where faced with the prospect
of large potential liability as a result of providing
their services.
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Today, a Texas limited partnership is defined, under the Texas
Revised Limited Partnership Act, as being: a partnership formed
by two or more persons under the laws of Texas and having one
or more general partners and one or more limited partners".
Texas Limited Partnership - The Filing Documents
In the event that you would like to file an application to apply
for limited partnership protection in Texas, you are required to
file a certificate of partnership with the Secretary of State. Such
certificate of partnership needs to contain:
(a) the partnership name;
(b) the principal office address - which is required to be within
the United States;
(c) the registered agent - which cannot be the name of the partnership
itself; and
(d) the general partner's information.
As with elsewhere, the general partner needs to be the person responsible
for running the day-to-day affairs of the partnership. Unlike elsewhere,
however, the Secretary of State also requires persons submitting
a certificate of partnership to submit a copy of the partnership
agreement.
Depending on the manner in which the certificate of partnership
is filed, the certificate of partnership either becomes effective
on the date it is filed, or any time up to 90 days following its
filing with the Secretary of State.
Hopefully you can see then, we have the State of Texas to thank
for the abundance of limited liability partnerships operating today.
What's more, Texas has continually shown a willingness to adjust
its limited liability partnership laws to stay in tune with developments
in its business community!
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