This law allows a limited liability company to modify the duties and liabilities of its members, managers, and officers through its company agreement. This flexibility can help tailor responsibilities and legal obligations to fit the specific needs of the company and its stakeholders.
Allows modification of duties in company agreements.
Applies to members, managers, and officers of LLCs.
Can expand or restrict fiduciary duties and liabilities.
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In simple terms: Learn about Texas's EXPANSION OR RESTRICTION OF DUTIES AND 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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