Source: https://chowinslaw.com/resources/texas-business-laws/351-professional-entities-texas-business-organizations
Timestamp: 2019-04-23 04:41:10+00:00

Document:
§ 301.001. APPLICABILITY OF TITLE.
(a) This title applies only to a professional entity or foreign professional entity.
§ 301.002. CONFLICTS OF LAW.
This title prevails over a conflicting provision of Title 1, 2, or 3.
§ 301.005. APPLICATION FOR REGISTRATION OF FOREIGN PROFESSIONAL ENTITY.
(a) When required by Chapter 9, a foreign professional entity must file an application for registration to transact business in this state.
§ 301.006. LICENSE REQUIRED TO PROVIDE PROFESSIONAL SERVICE.
§ 301.007. CERTAIN REQUIREMENTS TO BE OWNER, GOVERNING PERSON, OR OFFICER.
(a) A person may be an owner of a professional entity or a governing person of a professional limited liability company only if the person is an authorized person.
§ 301.008. DUTIES AND POWERS OF OWNER OR MANAGERIAL OFFICIAL WHO CEASES TO BE LICENSED; PURCHASE OF OWNERSHIP INTEREST.
(a) A managerial official of a professional entity who ceases to satisfy the requirements of Section 301.007 shall promptly resign the person's position and employment with the entity.
§ 301.009. TRANSFER OF OWNERSHIP INTEREST.
§ 301.011. EXEMPTION FROM SECURITIES LAWS.
(a) A sale, issuance, or offer for sale of an ownership interest in a professional entity to a person authorized under this title to own an ownership interest in the professional entity is exempt from any state law, other than this code, that regulates the sale, issuance, or offer for sale of securities.
§ 301.012. JOINT PRACTICE BY CERTAIN PROFESSIONALS.
(a) Persons licensed as doctors of medicine and persons licensed as doctors of osteopathy by the Texas Medical Board, persons licensed as podiatrists by the Texas State Board of Podiatric Medical Examiners, and persons licensed as chiropractors by the Texas Board of Chiropractic Examiners may jointly form and own a professional association or a professional limited liability company to perform professional services that fall within the scope of practice of those practitioners.
§ 302.001. APPLICABILITY OF CERTAIN PROVISIONS GOVERNING FOR-PROFIT CORPORATIONS.
The provisions of Chapters 20 and 21 governing a for-profit corporation apply to a professional association, unless there is a conflict with this title.
§ 302.002. DURATION OF PROFESSIONAL ASSOCIATION.
§ 302.003. AMENDMENT OF CERTIFICATE OF FORMATION.
§ 302.004. ADOPTION OF BYLAWS; DELEGATION OF AUTHORITY.
(a) The members of a professional association may adopt bylaws for the association.
§ 302.006. MEMBERS' VOTING RIGHTS.
A member of a professional association is entitled to cast a vote at a meeting of the members as provided by the certificate of formation of the association.
§ 302.007. ELECTION OF OFFICERS.
The governing authority of a professional association shall elect the officers of the association.
§ 302.008. OFFICER AND GOVERNING PERSON ELIGIBILITY REQUIREMENTS.
(a) Only a member of the professional association is eligible to serve as an officer or governing person of a professional association.
§ 302.009. EMPLOYMENT OF AGENTS AND EMPLOYEES.
The officers of a professional association may employ agents or employees for the association as the officers consider advisable.
§ 302.010. LIMITATION ON MEMBER'S POWER TO BIND ASSOCIATION.
A member of a professional association is not entitled to bind the association within the scope of the association's business or profession merely by virtue of being a member of the professional association.
§ 302.011. DIVISION OF PROFITS.
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.
§ 302.013. WINDING UP AND TERMINATION; CERTIFICATE OF TERMINATION.
§ 303.001. APPLICABILITY OF CERTAIN PROVISIONS GOVERNING FOR-PROFIT CORPORATIONS.
The provisions of Chapters 20 and 21 governing a for-profit corporation apply to a professional corporation, unless there is a conflict with this title.
§ 303.002. AUTHORITY AND LIABILITY OF SHAREHOLDER.
(a) A shareholder of a professional corporation is not required to supervise the performance of duties by an officer or employee of the corporation.
§ 303.003. NOTICE OF RESTRICTION ON TRANSFER OF SHARES.
§ 303.004. REDEMPTION OF SHARES; PRICE AND TERMS.
(a) A professional corporation may redeem shares of a shareholder, including a deceased shareholder.
§ 303.005. EXISTENCE OF PROFESSIONAL CORPORATION BEFORE WINDING UP AND TERMINATION.
§ 303.006. EXECUTION OF CERTIFICATE OF TERMINATION.
(a) Except as provided by Subsection (b), a certificate of termination filed in accordance with Chapter 11 must be executed by an officer of the professional corporation on behalf of the corporation.
§ 304.001. APPLICABILITY OF CERTAIN PROVISIONS GOVERNING LIMITED LIABILITY COMPANIES.
Title 3 applies to a professional limited liability company, unless there is a conflict with this title.

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