Texas Business Organizations Code

§ 101.052 — COMPANY AGREEMENT

BO § 101.052Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. B. FORMATION AND GOVERNING DOCUMENTS

Statute text

View on source

(a)Except as provided by Section 101.054, the company agreement of a limited liability company governs:

(1)the relations among members, managers, and officers of the company, assignees of membership interests in the company, and the company itself; and

(2)other internal affairs of the company.

(b)To the extent that the company agreement of a limited liability company does not otherwise provide, this title and the provisions of Title 1 applicable to a limited liability company govern the internal affairs of the company.

(c)Except as provided by Section 101.054, a provision of this title or Title 1 that is applicable to a limited liability company may be waived or modified in the company agreement of a limited liability company.

(d)The company agreement may contain any provisions for the regulation and management of the affairs of the limited liability company not inconsistent with law.

…

Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 9 (S.B. 847), Sec. 5, eff. September 1, 2013. Acts 2017, 85th Leg., R.S., Ch. 74 (S.B. 1517), Sec. 8, eff. September 1, 2017. Acts 2021, 87th Leg., R.S., Ch. 39 (S.B. 1203), Sec. 26, eff. September 1, 2021. Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 34, eff. September 1, 2023.