Glenn Karisch’s Texas Probate Resources
Welcome to the Texas Probate Resources website, your source for information on estate planning, probate, and trust law in Texas. This site is owned and maintained by Glenn Karisch of Karisch Jonas Law, PLLC, in Austin, Texas. For information dating from before February 1, 2011, visit the legacy site at texasprobate.net.
Texas Probate
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.