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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A person may be a member of or acquire a membership interest in a limited liability company unless the person lacks capacity apart from this code.
(b) A person is not required, as a condition to becoming a member of or acquiring a membership interest in a limited liability company, to:
(1) make a contribution to the company;
(2) otherwise pay cash or transfer property to the company; or
(3) assume an obligation to make a contribution or otherwise pay cash or transfer property to the company.
(c) If one or more persons own a membership interest in a limited liability company, the company agreement may provide for a person to be admitted to the company as a member without acquiring a membership interest in the company.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 101.102. Qualification for Membership - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-101-102/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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