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Senate Bill 1517 |
Senate Author: Hancock |
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Effective: 9-1-17 |
House Sponsor: Oliveira |
Senate Bill 1517 amends the Business Organizations Code to revise and update provisions relating to partnerships, limited liability companies, and other domestic and foreign entities. The bill establishes the status of certain registered agents, the secretary of state, and certain governing persons as agents of each series of a domestic limited liability company or foreign entity for the purpose of service of process, notice, or demand. The bill sets out the required contents of such a process, notice, or demand and the related duties of the registered agent and secretary of state and expands the general powers of a series limited liability company. The bill imposes a penalty on a limited liability company or limited partnership that refuses to allow examination of certain records and information and provides a defense to a related action. The bill, among other provisions, makes a partnership agreement enforceable by or against the partnership, regardless of whether the partnership has signed or otherwise expressly adopted the agreement and repeals provisions requiring notice of the taking of certain actions under a partnership agreement without a meeting.