11.411 – GOVERNING PERSONS AND OWNERS NOT NECESSARY PARTIES
Texas Business Organizations Code § 11.411
Summary
This law clarifies that governing persons and owners of a domestic entity are not required to be parties in a receivership or liquidation action, unless individual relief is sought against them. This provision streamlines the legal process by allowing actions to proceed without involving all owners or members.
Governing persons and owners are not necessary parties in receivership actions.
Individual relief against them is required for their involvement.
Aims to simplify legal proceedings for domestic entities.
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In simple terms: Learn about Texas's GOVERNING PERSONS AND OWNERS NOT NECESSARY PARTIES 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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