2023 Texas Statutes
Business Organizations Code
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Subchapter C. Membership
Section 101.109. Rights and Duties of Assignee of Membership Interest Before Membership
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 company's 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.
