Limited Partners Who Control Corporate General Partner Are Subject to Personal Liability as General Partners

Date

1976

Journal Title

Journal ISSN

Volume Title

Publisher

Texas Tech Law Review

Abstract

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.

Description

Keywords

Texas Uniform Limited Partnership Act, TULPA, Limited partnership, Corporate general partner, Shareholders, Delaney v. Fidelity Lease Ltd., Case note

Citation

7 Tex. Tech L. Rev. 745