101.255 – CONTRACTS OR TRANSACTIONS INVOLVING INTERESTED
Texas Business Organizations Code § 101.255
Summary
This law regulates contracts or transactions involving a limited liability company and its governing persons or officers, including their affiliates. It ensures transparency and fairness in dealings to prevent conflicts of interest that may arise from such relationships.
Applies to contracts with governing persons or their affiliates.
Ensures transparency in transactions involving potential conflicts.
Protects the interests of the limited liability company.
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In simple terms: Learn about Texas's CONTRACTS OR TRANSACTIONS INVOLVING INTERESTED 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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