Protected Series and Registered LLC

Effective in June 2022, SB 1523 makes updates related to registered and protected series of domestic limited liability companies and authorizes certain fees.

"AN ACT relating to registered and protected series of domestic limited liability companies; authorizing fees.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1.  Subchapter M, Chapter 101, Business Organizations Code, is amended to read as follows:
SUBCHAPTER M.  SERIES LIMITED LIABILITY COMPANY
Sec. 101.601.  SERIES OF MEMBERS, MANAGERS, MEMBERSHIP INTERESTS, OR ASSETS. (a) A company agreement may establish or provide for the establishment of one or more designated series of members, managers, membership interests, or assets that:
                  (1)  has separate rights, powers, or duties with respect to specified property or obligations of the                             limited liability company or profits and losses associated with specified property or obligations; or
                  (2)  has a separate business purpose or investment objective."


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