Section 101.109 - Rights and Duties of Assignee of Membership Interest Before Membership(a) A person who is assigned a membership interest in a limited liability company is entitled to: (1) receive any allocation of income, gain, loss, deduction, credit, or a similar item that the assignor is entitled to receive to the extent the allocation of the item is assigned;(2) receive any distribution the assignor is entitled to receive to the extent the distribution is assigned;(3) require, for any proper purpose, reasonable information or a reasonable account of the transactions of the company; and(4) make, for any proper purpose, reasonable inspections of the books and records of the company.(b) An assignee of a membership interest in a limited liability company is entitled to become a member of the company on the approval of all of the company's members.(c) An assignee of a membership interest in a limited liability company is not liable as a member of the company until the assignee becomes a member of the company.Tex. Bus. Org. Code § 101.109
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.