Legal Question in Business Law in Texas
My sister and I are limited partners in our ranch after my father passed away. My older sister is the general partner. Do we as limited partners have the right to request and receive documentation on the financial standing of our business from the general partner?
1 Answer from Attorneys
Yes:
Texas Vernon's Texas Civil Statutes - Article 6132b-4.03. Information Regarding A Partnership
provides:
(b) Access to Books and Records. A partnership shall
provide access to its books and records to partners and their agents
and attorneys. The partnership shall provide former partners and
their agents and attorneys access to books and records pertaining
to the period during which the former partners were partners or for
any other proper purpose with respect to another period. The right
of access includes the opportunity to inspect and copy books and
records during ordinary business hours. A partnership may impose a
reasonable charge, covering the costs of labor and material, for
copies of documents furnished.
If your sister won't let you look at the books, have a lawyer write her and demand access.
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