Texas Business Organizations Code
Sec. § 101.102
Qualification for Membership


(a)

A person may be a member of or acquire a membership interest in a limited liability company unless the person lacks capacity apart from this code.

(b)

A person is not required, as a condition to becoming a member of or acquiring a membership interest in a limited liability company, to:

(1)

make a contribution to the company;

(2)

otherwise pay cash or transfer property to the company; or

(3)

assume an obligation to make a contribution or otherwise pay cash or transfer property to the company.

(c)

If one or more persons own a membership interest in a limited liability company, the company agreement may provide for a person to be admitted to the company as a member without acquiring a membership interest in the company.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 71, eff. January 1, 2006.
Source
Last accessed
Oct. 20, 2019