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.