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Senate Bill 323 |
Senate Author: Carona |
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Effective: 9-1-11 |
House Sponsor: Elkins |
Senate Bill 323 amends the Business Organizations Code to make certain provisions relating to the liability of a for-profit corporation also applicable to a limited liability company and the company's members, owners, assignees, affiliates, and subscribers. The bill provides that this applicability is subject to state laws establishing the liability of a member or manager of a limited liability company for a debt, obligation, or liability of the company and extends the meaning of certain terms in the Business Organizations Code for purposes of the application of the bill's provisions.