Texas Business Organizations Code - Section 21.107. Liability Of Shareholder
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 21.107. Liability Of Shareholder
§ 21.107. LIABILITY OF SHAREHOLDER. The existence of or
a performance under a shareholders' agreement authorized by this
subchapter is not a ground for imposing personal liability on a
shareholder for an act or obligation of the corporation by
disregarding the separate existence of the corporation or
otherwise, even if the agreement or a performance under the
agreement:
(1) treats the corporation as if the corporation were
a partnership or in a manner that otherwise is appropriate only
among partners;
(2) results in the corporation being considered a
partnership for purposes of taxation; or
(3) results in failure to observe the corporate
formalities otherwise applicable to the matters governed by the
agreement.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 21.059 21.101 21.102 21.103 21.104 21.105 21.106 21.107 21.108 21.109 21.151 21.152 21.153 21.154 21.155
Last modified: August 11, 2007
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