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.
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