101.606 – LIABILITY OF MEMBER OR MANAGER FOR OBLIGATIONS;
Texas Business Organizations Code § 101.606
Summary
This law limits the liability of members or managers of a protected or registered series in a business organization. They are generally not personally responsible for the debts or obligations of the series unless the company agreement states otherwise.
Members/managers are not personally liable for series debts.
Liability can be altered by the company agreement.
Protects personal assets from series obligations.
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In simple terms: Learn about Texas's LIABILITY OF MEMBER OR MANAGER FOR OBLIGATIONS; 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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