Limited Partners Who Control Corporate General Partner Are Subject to Personal Liability as General Partners
Dennis, Don C.
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Examines the Supreme Court of Texas case, Delaney v. Fidelity Lease Ltd. This case “held that limited partners who take part in the control of the business of the partnership in their capacities as the only shareholders, directors, and officers for the sole corporate general partner are personally liable for the obligations of the partnership.” The author recognizes the opinion as fulfilling the legislative intent of the Texas Uniform Limited Partnership Act.