Amendment to the Texas Business Organizations Code Allows Companies to Eliminate Fiduciary Duties – What it Means for Company Owners
Texas has recently taken a significant step in reshaping how companies can govern themselves. With the passage of SB 29, the Texas Business Organizations Code now permits certain business entities to expand, restrict, or eliminate fiduciary duties owed by managers, members, officers, and other key decision-makers. For many companies, particularly LLCs and limited partnerships, this…