Gavvy: Bus. Orgs. Code, Sec. 303.002. Authority and Liability of Shareholder.

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Sec. 303.002. Authority and Liability of Shareholder.


Sec. 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.
(b)  A shareholder of a professional corporation is subject to no greater liability than a shareholder of a for-profit corporation.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Gavvy last updated this database on: Sep 6, 2024