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- Title 4. Partnerships
- Chapter 152. General Partnerships
- Subchapter B. Nature and Creation of Partnership
Tex. Bus. Org. Code § 152.052 - Rules for Determining If Partnership Is Created
Cite as | Tex. Bus. Org. Code § 152.052 |
(a) Factors indicating that persons have created a partnership include the persons':
(1) receipt or right to receive a share of profits of the business;
(2) expression of an intent to be partners in the business;
(3) participation or right to participate in control of the business;
(4) agreement to share or sharing:
(A) losses of the business; or
(B) liability for claims by third parties against the business; and
(5) agreement to contribute or contributing money or property to the business.
(b) One of the following circumstances, by itself, does not indicate that a person is a partner in the business:
(1) the receipt or right to receive a share of profits as payment:
(A) of a debt, including repayment by installments;
(B) of wages or other compensation to an employee or independent contractor;
(C) of rent;
(D) to a former partner, surviving spouse or representative of a deceased or disabled partner, or transferee of a partnership interest;
(E) of interest or other charge on a loan, regardless of whether the amount varies with the profits of the business, including a direct or indirect present or future ownership interest in collateral or rights to income, proceeds, or increase in value derived from collateral; or
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