Texas Business Organizations Code 101.615 – Termination of Protected Series or Registered Series
Current as of: 2024 | Check for updates
|
Other versions
(a) Except as otherwise provided by Sections 101.617, 101.618, 101.619, and 101.620, the protected series terminates on the completion of the winding up of the business and affairs of the protected series in accordance with Sections 101.617, 101.618, 101.619, and 101.620.
(b) Except as otherwise provided by Sections 101.617, 101.618, 101.619, and 101.620, the registered series terminates on:
(1) the completion of the winding up of the business and affairs of the registered series in accordance with Sections 101.617, 101.618, 101.619, and 101.620; and
(2) the effectiveness of the filing with the secretary of state of a certificate of termination for the registered series.
Terms Used In Texas Business Organizations Code 101.615
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Limited liability company: means an entity governed as a limited liability company under Title 3 or 7. See Texas Business Organizations Code 1.002
- Protected series: means a series of a domestic limited liability company that is established as a protected series in accordance with § 101. See Texas Business Organizations Code 1.002
- Registered series: means a series of a domestic limited liability company that is formed as a registered series in accordance with § 101. See Texas Business Organizations Code 1.002
- Secretary: means the:
(A) individual designated as secretary of an entity under the entity's governing documents; or
(B) officer or committee of persons authorized to perform the functions of secretary of an entity without regard to the designated name of the officer or committee. See Texas Business Organizations Code 1.002
(c) The limited liability company shall provide notice of the termination of a protected series or registered series in the manner provided in the company agreement for notice of termination, if any.
(d) The termination of the protected series or registered series does not affect the limitation on liabilities of the protected series or registered series provided by § 101.602.