Enrolled Bill Summary

            Senate Bill 555 amends various business organization statutes, including the Texas Business Corporation Act, the Texas Miscellaneous Corporation Laws Act, the Texas Limited Liability Company Act, the Texas Revised Limited Partnership Act, the Texas Uniform Partnership Act, and the Texas Revised Partnership Act, to update those statutes and to incorporate elements of the Revised Model Business Corporation Act. In addition to technical and conforming changes relating to the organization of business entities and to the powers, duties, obligations, and liabilities of officers, directors, shareholders, and other principals involved in such organizations or in an organizational change affecting such entities, the act specifies the treatment of broker nonvotes, adds provisions governing certain business combinations, amends limited liability partnership provisions, and includes provisions for a business reorganization procedure known as "conversion."