11.056 – SUPPLEMENTAL PROVISIONS FOR LIMITED LIABILITY
Texas Business Organizations Code § 11.056
Summary
This law outlines the process for winding up a domestic limited liability company when its last member leaves. It specifies that winding up must occur unless action is taken within a year or as dictated by the company agreement.
Winding up is required after the last member's departure.
Legal representatives can act on behalf of the last member.
Action must be taken within one year or as per the agreement.
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In simple terms: Learn about Texas's SUPPLEMENTAL PROVISIONS FOR LIMITED LIABILITY 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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