Texas Limited Liability Withdrawal
Description
How to fill out Texas Limited Liability Company LLC Formation Package?
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FAQ
There are three primary ways a member can be removed from a Texas LLC?by complying with the operating agreement or by seeking voluntary or involuntary dissolution. The options available to you will depend on the specific facts and circumstances of your situation.
If you want to remove your name from a partnership, there are three options you may pursue: Dissolve your business. If there is no language in your operating agreement stating otherwise, this will be your only name-removal option. ... Change your business's name. ... Use a doing business as (DBA) name.
Draft a formal, written notice that states your intention to withdraw and be sure to cite the provisions of the Operating Agreement that pertain to withdrawal. State any desires or demands regarding full payment for any investments you made in the company. Deliver your written notice to every member of the company.
Under Texas law, a member of an LLC may neither voluntarily withdraw nor be expelled from a Texas LLC. However, an agreement can modify this statutory default prohibition.
The entity must: Take the necessary internal steps to wind up its affairs. ... Submit two signed copies of the certificate of termination. ... Unless the entity is a nonprofit corporation, attach a Certificate of Account Status for Dissolution/Termination issued by the Texas Comptroller. ... Pay the appropriate filing fee.