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Texas – SB 847 amends the Business Organization Code

Senate Bill 847 signed by the governor May 2 and effective September 1 amends the Business Organizations Code to (1) clarify that a series of a series LLC is not an independent entity but has the ability to acquire and sell assets and exercise all of the powers and privileges as necessary to conduct its business purpose; (2) remove redundant information from a restated certificate of formation, (3) require LPs to notify potential claimants when settling its affairs upon dissolution, and (4) clarify that the owners of partnerships and LLCs possess contractual freedom to eliminate or limit the liability of the entity’s governing individuals.

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