Texas Business Organizations Code - Section 101.109. Rights And Duties Of Assignee Of Membership Interest Before Membership
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Texas Laws > Business Organizations Code > Texas Business Organizations Code - Section 101.109. Rights And Duties Of Assignee Of Membership Interest Before Membership
§ 101.109. RIGHTS AND DUTIES OF ASSIGNEE OF MEMBERSHIP
INTEREST BEFORE MEMBERSHIP. (a) A person who is assigned a
membership interest in a limited liability company is entitled to:
(1) receive any allocation of income, gain, loss,
deduction, credit, or a similar item that the assignor is entitled
to receive to the extent the allocation of the item is assigned;
(2) receive any distribution the assignor is entitled
to receive to the extent the distribution is assigned;
(3) require, for any proper purpose, reasonable
information or a reasonable account of the transactions of the
company; and
(4) make, for any proper purpose, reasonable
inspections of the books and records of the company.
(b) An assignee of a membership interest in a limited
liability company is entitled to become a member of the company on
the approval of all of the company's members.
(c) An assignee of a membership interest in a limited
liability company is not liable as a member of the company until the
assignee becomes a member of the company.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 101.102 101.103 101.104 101.105 101.106 101.107 101.108 101.109 101.110 101.111 101.112 101.113 101.114 101.151 101.152
Last modified: August 11, 2007
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