Definition and General Overview of a Limited Partnership – LP – Ltd.
A Texas limited partnership consists of one or more general partners and one or more limited partners. The general partner or general partners will have control of the day to day operational and control of the limited partnership and any other matters allowed the general partner as set forth in the Limited Partnership Agreement. Although the limited partnership agreement is not filed for public record, the limited partnership must file a certificate of formation with the Texas Secretary of State. Pursuant to Section 402.001 of the Texas Business Organizations Code (TBOC), the TBOC governs the formation of all new domestic limited partnerships as of January 1, 2006.