Texas LLC Operating Agreement
The Texas LLC Operating Agreement is the core document that is referred to when issues
concerning a Texas limited liability
company (“LLC”) need to be resolved.
The LLC
Operating Agreement is the most important document for your Texas LLC.
In the case of a single member LLC, without the formality
of an LLC Operating Agreement, the LLC can closely resemble
a sole proprietorship, which does not limit your personal
liability for business debts of the LLC.
With respect to a multi-member LLC, the LLC Operating Agreement reflects the agreement among the members with
respect to the affairs and management of the LLC and governs
the relationship amongst the members of the LLC. By having
an LLC Operating Agreement, the members will be provided
with a clear set of rules that all members have agreed upon
greatly reducing the likelihood of disagreement between
them in the future. A LLC Operating Agreement will also
greatly reduce financial and management misunderstandings,
and make sure your business is governed by your own rules
-- not default rules created by the state of Texas.
Need a LLC Operating Agreement for your Texas LLC?
www.myLLCagreement.com
will generate a customized LLC Operating agreement for your
Texas LLC in a matter of minutes.
Whether your LLC
will have one or more members, will be managed by its members
or by elected managers, or will be granting one or more
members an interest in the LLC for the performance of services,
myLLCagreement.com will generate a customized LLC operating
agreement tailored to the needs of your business.
If you don’t want
to spend thousands of dollars on a lawyer and don’t trust
outdated internet forms, then let myLLCagreement.com help
you create a customized LLC operating agreement for your
Texas LLC.
The LLC operating agreement does not have to be filed
with any state agency. All states, including the state of
Texas will enforce valid operating agreements entered into
among LLC members. The operating agreement will only be
enforced against the persons who are parties to the agreement.
Therefore, it is extremely important that all members of
an LLC sign the operating agreement.
Your Texas
Limited Liability Company
LLC Filing Office
Texas
Secretary of State
Statutory Filings Division
Corporations Section
Secretary
of State
P.O. Box 13697
Austin, TX 78711-3697
Tel: 512-463-5555
www.sos.state.tx.us/corp/index.shtml
Check Name Availability
Entity or Franchise Level Tax
Texas does not require partnerships to pay a
general net worth tax or a tax based on net income. However, LLCs are subject to the Texas franchise
tax regardless of their classification for federal income
tax purposes. The
tax is composed of two components: a capital component and
an eared surplus component. The franchise tax is based on the greater of
.25% of net taxable capital or 4.5% of net taxable earned
surplus.
State
LLC Act
The
Texas LLC Act is contained in Title 32, Part 3 of the Vernon’s
Texas Civil Statutes.
The Texas LLC
Act
Important Statutory
Rules
Note: The Texas Limited Liability
Company Act refers to operating provisions adopted by a
Texas LLC as its regulations
LLC Management
An
LLC is managed by its members unless the Operating Agreement
states that the LLC is to be managed by one or more managers.
Admission of Members
Unless
otherwise provided, new interests in the LLC must be issued
with the approval of a majority of members.
Unless otherwise provided in the Operating Agreement,
the admission of a transferee as a member must be approved
by the unanimous consent of all the members.
Amending the Operating Agreement
Unless
otherwise provided in the Operating Agreement, amendments
to the Operating Agreement require approval of a majority
of the members.
Dissolution
Unless
otherwise specified in the Operating Agreement, the majority
of the members must approve the voluntary dissolution of
the LLC.
GET A CUSTOMIZED TEXAS LLC
OPERATING AGREEMENT IN MINUTES
