Powers and Liabilities of Person Who Is Both General Partner and Limited Partner

Sec. 153.153. POWERS AND LIABILITIES OF PERSON WHO IS BOTH GENERAL PARTNER AND LIMITED PARTNER. A person who is both a general partner and a limited partner: (1) has the rights and powers and is subject to the restrictions and liabilities of a general partner; and (2) except as otherwise provided by the partnership agreement, this chapter, or the other limited partnership provisions, has the rights and powers and is subject to the restrictions and liabilities, if any, of a limited partner to the extent of the general partner's participation in the partnership as a limited partner. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.