101.052 – COMPANY AGREEMENT. (a) Except as provided by
Texas Business Organizations Code § 101.052
Summary
This law establishes that the company agreement of a limited liability company (LLC) dictates the relationships and internal affairs among its members, managers, and officers. It also clarifies that if the agreement is silent on certain issues, the default provisions of the Texas Business Organizations Code will apply.
Governs relationships among LLC members and managers.
Company agreement dictates internal affairs of the LLC.
Default rules apply if the agreement is silent on issues.
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In simple terms: Learn about Texas's COMPANY AGREEMENT. (a) Except as provided by law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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