Number of visits: More than 10. Weâve been shooting at Back 40 since we started in Sporting Clays, about 2 years ago. They continue to improve the club constantly, and just went to automatic traps on the Green course about a month ago.
The limited partners can only receive liability protection by filing a Certificate of Formation of Limited Partnership with the State of Texas pursuant to Section 3.001 of the TBOC. It is recommended that all limited partnerships have a limited partnership agreement.
A limited partner's liability for business debts is limited to the amount that partner contributes to the partnership. This form of organization is common in real estate ventures, for example. The advantages and disadvantages of a partnership are basically the same as those of a proprietorship.