Texas Occupations Code 162.051 – Authority to Form Certain Jointly Owned Entities
(a) Except as provided by § 165.155, a physician and an optometrist or therapeutic optometrist may, for a purpose described by Subsection (b), organize, jointly own, and manage any legal entity, including:
(1) a partnership under the Texas Revised Partnership Act (Article 6132b-1.01 et seq., Vernon’s Texas Civil Statutes);
(2) a limited partnership under the Texas Revised Limited Partnership Act (Article 6132a-1, Vernon’s Texas Civil Statutes); and
(3) a limited liability company under the Texas Limited Liability Company Act (Article 1528n, Vernon’s Texas Civil Statutes).
(b) An entity authorized under Subsection (a) may:
(1) own real property, other physical facilities, or equipment for the delivery of health care services or management;
(2) lease, rent, or otherwise acquire the use of real property, other physical facilities, or equipment for the delivery of health care services or management; or
(3) employ or otherwise use a person who is not a physician, optometrist, or therapeutic optometrist for the delivery of health care services or management.
Terms Used In Texas Occupations Code 162.051
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, unless the term is expressly made applicable to a partnership, association, or corporation. See Texas Occupations Code 151.002
- Physician: means a person licensed to practice medicine in this state. See Texas Occupations Code 151.002
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) Only a physician, optometrist, or therapeutic optometrist may own an interest in an entity authorized under Subsection (a). This subsection does not prohibit an entity from making one or more payments to an owner’s estate following the owner’s death under an agreement with the owner or as otherwise authorized or required by law.