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Tex. Bus. Orgs. Code § 101.204

INTERIM DISTRIBUTIONS

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff

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.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.