Texas Business Organizations Code - Section 101.102. Qualification For Membership
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Texas Laws > Business Organizations Code > Texas Business Organizations Code - Section 101.102. Qualification For Membership
§ 101.102. QUALIFICATION FOR MEMBERSHIP. (a) A person
may be a member of or acquire a membership interest in a limited
liability company unless the person lacks capacity apart from this
code.
(b) A person is not required, as a condition to becoming a
member of or acquiring a membership interest in a limited liability
company, to:
(1) make a contribution to the company;
(2) otherwise pay cash or transfer property to the
company; or
(3) assume an obligation to make a contribution or
otherwise pay cash or transfer property to the company.
(c) If one or more persons own a membership interest in a
limited liability company, the company agreement may provide for a
person to be admitted to the company as a member without acquiring a
membership interest in the company.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006. Amended by
Acts 2005, 79th Leg., ch. 64, § 71, eff. Jan. 1, 2006.
Section: 23.110 101.001 101.051 101.052 101.053 101.054 101.101 101.102 101.103 101.104 101.105 101.106 101.107 101.108 101.109
Last modified: August 11, 2007
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