Tex. Business Organizations Code § 101.204
This is the official text of Tex. Business Organizations Code § 101.204, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 101.204. INTERIM DISTRIBUTIONS.
Official statutory text
A member of a limited liability company, before the winding up of the company, is not entitled to receive and may not demand a distribution from the company until the company's governing authority declares a distribution to:
(1) each member of the company; or
(2) a class or group of members that includes the member.
(1) each member of the company; or
(2) a class or group of members that includes the member.
Status: in_force · Read it on the official government site
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