101.054 – WAIVER OR MODIFICATION OF CERTAIN STATUTORY
Texas Business Organizations Code § 101.054
Summary
This law restricts the ability of limited liability companies to waive or modify certain statutory provisions in their company agreements. It specifies which provisions are non-waivable and outlines exceptions for specific sections that may be modified.
Certain statutory provisions cannot be waived in company agreements.
Exceptions exist for specific sections that can be modified.
Affects limited liability companies in Texas.
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In simple terms: Learn about Texas's WAIVER OR MODIFICATION OF CERTAIN STATUTORY 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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