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Current as of January 01, 2024 | Updated by Findlaw Staff
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;
(B) the admission of a new member or the transfer of ownership interest to a new or existing member; or
(C) the occurrence of an event that would require the winding up of a partnership under state law or similar circumstances.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 302.002. Duration of Professional Association - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-302-002/
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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