Texas Business Organizations Code 302.011 – Division of Profits
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Terms Used In Texas Business Organizations Code 302.011
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Governing documents: means :
(A) in the case of a domestic entity:
(i) the certificate of formation for a domestic filing entity or the document or agreement under which a domestic nonfiling entity is formed; and
(ii) the other documents or agreements adopted by the entity under this code to govern the formation or the internal affairs of the entity; or
(B) in the case of a foreign entity, the instruments, documents, or agreements adopted under the law of its jurisdiction of formation to govern the formation or the internal affairs of the entity. See Texas Business Organizations Code 1.002
The members of a professional association shall divide the profits derived from the association in the manner provided by the governing documents of the association.