Tex. Bus. Orgs. Code § 11.052 · Subchapter B. WINDING UP OF DOMESTIC ENTITY
WINDING UP PROCEDURES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as provided by the title of this code governing the domestic entity, on the occurrence of an event requiring winding up of a domestic entity, unless the event requiring winding up is revoked under Section 11.151 or canceled under Section 11.152, the owners, members, managerial officials, or other persons specified in the title of this code governing the domestic entity shall, as soon as reasonably practicable, wind up the business and affairs of the domestic entity. The domestic entity shall:
(1) cease to carry on its business, except to the extent necessary to wind up its business;
(2) if the domestic entity is not a general partnership, send a written notice of the winding up to each known claimant against the domestic entity;
(3) collect and sell its property to the extent the property is not to be distributed in kind to the domestic entity's owners or members; and
(4) perform any other act required to wind up its business and affairs.
(b) During the winding up process, the domestic entity may prosecute or defend a civil, criminal, or administrative action.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 9 (S.B. 847), Sec. 3, eff. September 1, 2013.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.11.htm
- Text hash
- sha256 ce8dc2c81fcb6443936be9caa4194a932f5e80b8b8f841f0d0b23923886f6649
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 3 provisions
Provisions in this library whose text cites Tex. Bus. Orgs. Code § 11.052. Each shows the citation as that text prints it.
Business Organizations Code
- Tex. Bus. Orgs. Code § 152.703RIGHTS AND DUTIES OF PERSON WINDING UP PARTNERSHIP BUSINESS.Printed as Section 11.052(a)(2) | Sections 11.052, 11.053, and 11.055
- Tex. Bus. Orgs. Code § 153.503POWERS OF PERSON CONDUCTING WIND UP.Printed as Sections 11.052 and 11.053
- Tex. Bus. Orgs. Code § 251.403DISTRIBUTION OF ASSETS.Printed as Sections 11.052 and 11.053(a)
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.