1.104 – LAW APPLICABLE TO LIABILITY. The law of the
Texas Business Organizations Code § 1.104
Summary
This section establishes that the governing law of an entity determines the liability of its owners, members, or managerial officials. It clarifies that these individuals are only liable for the entity's obligations if not protected by other laws or contracts.
Governing law dictates liability for entity owners and officials.
Liability applies only if not exempted by other laws.
Clarifies obligations related to debts and liabilities.
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In simple terms: Learn about Texas's LAW APPLICABLE TO LIABILITY. The law of the 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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