Sec. 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, Sec. 1, eff. Jan. 1, 2006.
Section: Previous 302.001 302.002 302.003 302.004 302.005 302.006 302.007 302.008 302.009 302.010 302.011 NextLast modified: September 28, 2016