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Texas Business Organizations Code

§ 302.002 — DURATION OF PROFESSIONAL ASSOCIATION

BO § 302.002Title 7. PROFESSIONAL ENTITIES · Ch. 302. PROVISIONS RELATING TO PROFESSIONAL ASSOCIATIONS

Statute text

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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;
…

Legislative history

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

Source: Texas Business Organizations Code § 302.002 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.