Texas Business Organizations Code
Sec. § 101.109
Rights and Duties of Assignee of Membership Interest Before Membership


(a)

A person who is assigned a membership interest in a limited liability company is entitled to:

(1)

receive any allocation of income, gain, loss, deduction, credit, or a similar item that the assignor is entitled to receive to the extent the allocation of the item is assigned;

(2)

receive any distribution the assignor is entitled to receive to the extent the distribution is assigned;

(3)

require, for any proper purpose, reasonable information or a reasonable account of the transactions of the company; and

(4)

make, for any proper purpose, reasonable inspections of the books and records of the company.

(b)

An assignee of a membership interest in a limited liability company is entitled to become a member of the company on the approval of all of the companys members.

(c)

An assignee of a membership interest in a limited liability company is not liable as a member of the company until the assignee becomes a member of the company.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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Last accessed
Nov. 18, 2019