101.552 – APPROVAL OF VOLUNTARY WINDING UP, REVOCATION,
Texas Business Organizations Code § 101.552
Summary
This law outlines the voting requirements for members or managers of a limited liability company to approve actions such as voluntary winding up, revocation of that decision, or reinstatement of a terminated company. It ensures that a majority is needed for these significant corporate decisions, protecting the interests of all stakeholders involved.
Requires majority vote for winding up or revocation.
Applies to limited liability companies and their managers.
Ensures member consent for significant corporate actions.
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In simple terms: Learn about Texas's APPROVAL OF VOLUNTARY WINDING UP, REVOCATION, 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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