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Texas Business Organizations Code

§ 303.002 — AUTHORITY AND LIABILITY OF SHAREHOLDER

BO § 303.002Title 7. PROFESSIONAL ENTITIES · Ch. 303. PROVISIONS RELATING TO PROFESSIONAL CORPORATIONS

Statute text

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(a)A shareholder of a professional corporation is not required to supervise the performance of duties by an officer or employee of the corporation.
(b)A shareholder of a professional corporation is subject to no greater liability than a shareholder of a for-profit corporation.

Legislative history

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

Source: Texas Business Organizations Code § 303.002 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.