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Entity Formation, LLC, Startup Law
Texas LLC Meetings and Voting Law
TEXAS BUSINESS ORGANIZATIONS CODE
TITLE 3. LIMITED LIABILITY COMPANIES
CHAPTER 101. LIMITED LIABILITY COMPANIES
SUBCHAPTER H. MEETINGS AND VOTING
Sec. 101.351. APPLICABILITY OF SUBCHAPTER.
This subchapter applies only to a meeting of and voting by:
(1) the governing authority of a limited liability company;
(2) the members of a limited liability company if the members do not constitute the governing authority of the company; and
(3) a committee of the governing authority of a limited liability company.
Entity Formation, LLC, Startup Law
Texas LLC Manager Law
TEXAS BUSINESS ORGANIZATIONS CODE
TITLE 3. LIMITED LIABILITY COMPANIES
CHAPTER 101. LIMITED LIABILITY COMPANIES
SUBCHAPTER G. MANAGERS
Sec. 101.301. APPLICABILITY OF SUBCHAPTER.
This subchapter applies only to a limited liability company that has one or more managers.
Entity Formation, LLC, Startup Law
Texas LLC Management Law
TEXAS BUSINESS ORGANIZATIONS CODE
TITLE 3. LIMITED LIABILITY COMPANIES
CHAPTER 101. LIMITED LIABILITY COMPANIES
SUBCHAPTER F. MANAGEMENT
Sec. 101.251. MEMBERSHIP.
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 will have one or more managers; or
(2) the members of the company, if the company’s certificate of formation states that the company will not have managers.
Entity Formation, LLC, Startup Law
Texas LLC Allocations and Distributions Law
TEXAS BUSINESS ORGANIZATIONS CODE
TITLE 3. LIMITED LIABILITY COMPANIES
CHAPTER 101. LIMITED LIABILITY COMPANIES
SUBCHAPTER E. ALLOCATIONS AND DISTRIBUTIONS
Sec. 101.201. ALLOCATION OF PROFITS AND LOSSES.
The profits and losses of a limited liability company shall be allocated to each member of the company on the basis of the agreed value of the contributions made by each member, as stated in the company’s records required under Section 101.501.
Entity Formation, LLC, Startup Law
Texas LLC Contribution Law
TEXAS BUSINESS ORGANIZATIONS CODE
TITLE 3. LIMITED LIABILITY COMPANIES
CHAPTER 101. LIMITED LIABILITY COMPANIES
SUBCHAPTER D. CONTRIBUTIONS
Sec. 101.151. REQUIREMENTS FOR ENFORCEABLE PROMISE.
A promise to make a contribution or otherwise pay cash or transfer property to a limited liability company is enforceable only if the promise is:
(1) in writing; and
(2) signed by the person making the promise.
In the News
KXAN - August 6, 2008
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