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Texas Business Organizations Code - BUS ORG § 9.005. Supplemental Information Required in Application for Registration of Foreign Limited Liability Company

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) This section applies only to a foreign limited liability company governed by a company agreement that establishes or provides for the establishment of a designated series of members, managers, membership interests, or assets that has any of the characteristics described by Subsection (b).

(b) A foreign limited liability company must state in its application for registration as a foreign limited liability company whether:

(1) the series has:

(A) separate rights, powers, or duties with respect to specified property or obligations of the foreign limited liability company; or

(B) separate profits and losses associated with specified property or obligations of the foreign limited liability company;

(2) any debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular series shall be enforceable against the assets of that series only, and not against the assets of the company generally or the assets of any other series; and

(3) any debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the company generally or any other series shall be enforceable against the assets of that series.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 9.005. Supplemental Information Required in Application for Registration of Foreign Limited Liability Company - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-9-005/

Read this complete Texas Business Organizations Code - BUS ORG § 9.005. Supplemental Information Required in Application for Registration of Foreign Limited Liability Company on Westlaw. Westlaw subscription required.

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