Texas Business Organizations Code 2.003 – General Prohibited Purposes
Current as of: 2024 | Check for updates
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Terms Used In Texas Business Organizations Code 2.003
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Domestic: means , with respect to an entity, that the entity is formed under this code or the entity's internal affairs are governed by this code. See Texas Business Organizations Code 1.002
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Law: means , unless the context requires otherwise, both statutory and common law. See Texas Business Organizations Code 1.002
- Organization: means a corporation, limited or general partnership, limited liability company, business trust, real estate investment trust, joint venture, joint stock company, cooperative, association, bank, insurance company, credit union, savings and loan association, or other organization, regardless of whether the organization is for-profit, nonprofit, domestic, or foreign. See Texas Business Organizations Code 1.002
A domestic entity may not:
(1) engage in a business or activity that:
(A) is expressly unlawful or prohibited by a law of this state; or
(B) cannot lawfully be engaged in by that entity under state law; or
(2) operate as a:
(A) bank;
(B) trust company;
(C) savings association;
(D) insurance company;
(E) cemetery organization, except as authorized by Chapter 711, 712, or 715, Health and Safety Code; or
(F) abstract or title company governed by Title 11, Insurance Code.