Texas Business Organizations Code - Section 302.002. Duration Of Professional Association
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§ 302.002. DURATION OF PROFESSIONAL ASSOCIATION. A
professional association continues:
(1) for all purposes as a separate entity independent
of the association's members until:
(A) the expiration of the period of duration
stated in the certificate of formation; or
(B) the association is wound up and terminated in
the manner provided by the certificate of formation or, if the
certificate of formation does not provide a manner for winding up
and termination, by a two-thirds vote of the association's members;
and
(2) in existence notwithstanding:
(A) the death, insanity, incompetency, felony
conviction, resignation, withdrawal, transfer of ownership
interest, or expulsion of a member other than the last surviving
member of the association;
(B) the admission of a new member or the transfer
of ownership interest to a new or existing member; or
(C) the occurrence of an event that would require
the winding up of a partnership under state law or similar
circumstances.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 301.007 301.008 301.009 301.010 301.011 301.012 302.001 302.002 302.003 302.004 302.005 302.006 302.007 302.008 302.009
Last modified: August 10, 2007
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