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Texas Business Organizations Code - Section 101.108. Assignment Of Membership Interest

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.108. Assignment Of Membership Interest

§ 101.108. ASSIGNMENT OF MEMBERSHIP INTEREST.  (a) A 
membership interest in a limited liability company may be wholly or 
partly assigned.
	(b)  An assignment of a membership interest in a limited 
liability company:  
		(1)  is not an event requiring the winding up of the 
company;  and          
		(2)  does not entitle the assignee to:                                        
			(A)  participate in the management and affairs of 
the company;             
			(B)  become a member of the company;  or                                     
			(C)  exercise any rights of a member of the 
company.                       

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007