Texas Business Organizations Code - Section 11.314. Involuntary Winding Up And Termination Of Partnership Or Limited Liability Company
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§ 11.314. INVOLUNTARY WINDING UP AND TERMINATION OF
PARTNERSHIP OR LIMITED LIABILITY COMPANY. A district court in the
county in which the registered office or principal place of a
domestic partnership or limited liability company is located has
jurisdiction to order the winding up and termination of the
domestic partnership or limited liability company on application
by:
(1) a partner in the partnership if the court
determines that:
(A) the economic purpose of the partnership is
likely to be unreasonably frustrated; or
(B) another partner has engaged in conduct
relating to the partnership's business that makes it not reasonably
practicable to carry on the business in partnership with that
partner; or
(2) an owner of the partnership or limited liability
company if the court determines that it is not reasonably
practicable to carry on the entity's business in conformity with
its governing documents.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 11.307 11.308 11.309 11.310 11.311 11.312 11.313 11.314 11.315 11.351 11.352 11.353 11.354 11.355 11.356
Last modified: August 11, 2007
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