Texas Business Organizations Code 8.002 – Application of Chapter
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(a) Except as provided by Subsection (b) and Section 8.005, this chapter does not apply to a:
(1) general partnership; or
(2) limited liability company.
(b) The governing documents of a general partnership or limited liability company may adopt provisions of this chapter or may contain other provisions, which will be enforceable, relating to:
(1) indemnification;
(2) advancement of expenses; or
(3) insurance or another arrangement to indemnify or hold harmless a governing person.
Terms Used In Texas Business Organizations Code 8.002
- General partnership: means a partnership governed as a general partnership under Chapter 152. 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 - Governing person: means a person serving as part of the governing authority of an entity. See Texas Business Organizations Code 1.002
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Limited liability company: means an entity governed as a limited liability company under Title 3 or 7. See Texas Business Organizations Code 1.002