Enacted-Effective 9/1/11: SB 748 -- Effect of death or divorce on LLC interests
Caption: Relating to business entities and associations.
Author: Carona
Bill History
Bill Text
Relevance: This bill enacts new Section 101.1115 of the Business Organizations Code to provide that, upon the death of a member or a member's spouse or on the divorce of a member, the person receiving an ownership interest in an limited liability company is only an assignee, not a full member. Assignees are entitled to economic benefits but not voting rights.