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Texas Business Organizations Code

§ 101.251 — GOVERNING AUTHORITY

BO § 101.251Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. F. MANAGEMENT

Statute text

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(a)The governing authority of a limited liability company consists of:
(1)the managers of the company, if the company agreement provides that the company is managed by one or more managers; or
(2)the members of the company, if the company agreement provides that the company is managed by the members.
(b)If the company agreement does not provide otherwise, the governing authority of a limited liability company consists of:
(1)the managers of the company, if the company's certificate of formation states that the company has managers; or
(2)the members of the company, if the company's certificate of formation does not state that the company has managers. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2021, 87th Leg., R.S., Ch. 39 (S.B. 1203), Sec. 28, eff. September 1, 2021.

Source: Texas Business Organizations Code § 101.251 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.