Enrolled Bill Summary

House Bill 1156 enacts the Business Organizations Code by combining numerous statutes that govern the formation of for-profit and nonprofit private sector entities. Title 1 of the code contains provisions commonly applicable, while other titles contain provisions specific to each type of entity such as a corporation, limited liability company, and partnership. Largely a nonsubstantive codification, the bill standardizes, and in some cases increases, filing fees and eliminates the provision requiring a corporation or real estate investment trust to have a stated capital of $1,000 at the time of beginning business. The bill also allows foreign business entities to register to do business in Texas as the type of entity they represent and extends liability to all entity types.