Texas Business Organizations Code
§ 101.102 — QUALIFICATION FOR MEMBERSHIP
BO § 101.102Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. C. MEMBERSHIP
Statute text
View on source(a)A person may be a member of or acquire a membership interest in a limited liability company unless the person lacks capacity apart from this code.
(b)A person is not required, as a condition to becoming a member of or acquiring a membership interest in a limited liability company, to:
(1)make a contribution to the company;
(2)otherwise pay cash or transfer property to the company; or
(3)assume an obligation to make a contribution or otherwise pay cash or transfer property to the company.
(c)If one or more persons own a membership interest in a limited liability company, the company agreement may provide for a person to be admitted to the company as a member without acquiring a membership interest in the company. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:
Legislative history
Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 71, eff. January 1, 2006.