Texas Business Organizations Code

§ 101.204 — INTERIM DISTRIBUTIONS

BO § 101.204Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. E. ALLOCATIONS AND DISTRIBUTIONS

Statute text

View on source

A member of a limited liability company, before the winding up of the company, is not entitled to receive and may not demand a distribution from the company until the company's governing authority declares a distribution to:

(1)each member of the company; or

(2)a class or group of members that includes the member.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.