101.463 – CLOSELY HELD LIMITED LIABILITY COMPANY. (a) In
Texas Business Organizations Code § 101.463
Summary
This section defines a closely held limited liability company as one with fewer than 35 members and no publicly traded membership interests. It also specifies that certain legal provisions do not apply to claims or derivative proceedings involving these companies.
Defines closely held LLC with fewer than 35 members.
Excludes certain legal provisions for claims by members.
No membership interests can be publicly traded.
Frequently Asked Questions
Why Attorneys Choose FlawFinder
Side-by-side with Westlaw and LexisNexis
Feature
FlawFinder
Westlaw
LexisNexis
Monthly price
$19 - $99
$133 - $646
$153 - $399
Contract
None
1-3 year min
1-6 year min
Hidden fees
$0, always
Up to $469/search
$25/mo + per-doc
Police SOPs
✓ 310+ departments
✗
✗
Zero-hallucination AI
✓ CitationGuard
✗
✗
Cancel
One click
Termination fees
No option to cancel
Explain Like I'm 5
In simple terms: Learn about Texas's CLOSELY HELD LIMITED LIABILITY COMPANY. (a) In law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
FlawFinder provides legal information, not legal advice. Consult a licensed attorney for specific legal guidance.