Sec. 4001.304. TRANSFER OF INTEREST IN AGENCY BY AGENT WHO IS SOLE PROPRIETOR. (a) An agent who is a sole proprietor may transfer an interest in the agency to the agent's children, or a trust for the agent's children, and may operate that interest for their use and benefit. The children may share in the profits of the agency during their lifetime.
(b) The children are not required to qualify as agents to share in the profits of the agency but may not perform an act of an agent in connection with the agency business without first being licensed as agents.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Structure Texas Statutes
Title 13 - Regulation of Professionals
Subtitle A - General Provisions
Chapter 4001 - Agent Licensing in General
Subchapter G. Other Persons Who May Share in Profits of Agency
Section 4001.301. Profits After Death of Agent Who Is Member of Agency Partnership
Section 4001.302. Profits After Death of Agent Who Is Sole Proprietor
Section 4001.303. Profits After Death of Shareholder of Corporate Agency
Section 4001.304. Transfer of Interest in Agency by Agent Who Is Sole Proprietor
Section 4001.305. Transfer of Interest in Agency by Shareholder of Corporate Agency