Duration of Professional Association

Sec. 302.002. DURATION OF PROFESSIONAL ASSOCIATION. A professional association continues: (1) for all purposes as a separate entity independent of the association's members until: (A) the expiration of the period of duration stated in the certificate of formation; or (B) the association is wound up and terminated in the manner provided by the certificate of formation or, if the certificate of formation does not provide a manner for winding up and termination, by a two-thirds vote of the association's members; and (2) in existence notwithstanding: (A) the death, insanity, incompetency, felony conviction, resignation, withdrawal, transfer of ownership interest, or expulsion of a member other than the last surviving member of the association; (B) the admission of a new member or the transfer of ownership interest to a new or existing member; or (C) the occurrence of an event that would require the winding up of a partnership under state law or similar circumstances. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.