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MODEL COMPANY AGREEMENTS FOR SIMPLE LLCs CLIFF ERNST Graves Dougherty Hearon & Moody, A Professional Corporation 401 Congress Avenue, Suite 2200 Austin, Texas 78701 cernst gdhm.com ELIZABETH S.

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Characteristics of a Limited Liability Company or LLC: It requires the filing of documents with the Secretary of State to be authorized. It may have one or more owners called members. It can be member-managed, or manager-managed. All members have limited liability.

Cease and Desist Confidentiality Agreement Partnership Agreement Commercial Lease Operating Agreement Nondisclosure Agreement. Power of Attorney Living Will Prenuptial Agreement Postnuptial Agreement Lien Release of Lien.

The primary characteristics of an LLC are flexibility in governance, tax liability similar to that of a GP, and limited liability for the members similar to that of corporations. Note: The LLC has quickly become the most popular business entity form in the United States for small businesses with more than one owner.

The most common way to issue ownership interests in an LLC is through an LLC Operating Agreement. While the sections of an Operating Agreement may vary, most contain six key sections: “Organization,” “Management and Voting,” “Capital Contributions,” “Distributions,” “Membership Changes,” and “Dissolution.”

A Texas LLC operating agreement is the legal paperwork used to delineate a company's procedures, policies, and other features. Although this document is not required for companies doing business in Texas, without an operating agreement in place, the members could be held financially liable in the event of a lawsuit.

Some agreements are going to be lengthier and more complicated than others, but it will depend on the type of business and its owners. Equity Structure. ... Capital Contribution. ... Allocation of Profits, Losses and Distributions. ... Management. ... Voting. ... Dilution. ... Transfer. ... Buyout.

Key Elements of an LLC Operating Agreement Equity Structure. ... Management. ... Voting Rights. ... Limitation of Liability. ... Books and Records. ... Anti-Dilution Protection. ... Restriction on Transfer. ... Confidentiality and Non-Compete Clauses.

In Texas, an operating agreement isn't required to form a limited liability company (LLC). However, business attorneys, accountants and advisors agree that no LLC should form without one. An LLC operating agreement is a legally binding document that defines critical aspects of the LLC.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232