Texas Business Organizations Code 22.152 – Immunity From Liability
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Terms Used In Texas Business Organizations Code 22.152
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The members of a corporation are not personally liable for a debt, liability, or obligation of the corporation.