Texas Operating Agreement With Non Voting Members

• Category: Limited Liability Company - Professional - Formation
• State: Texas
• Control #: TX-PLLC-1
• Format: Word; Rich Text

Description

The Texas operating agreement with non voting members is a vital document outlining the governance and operation of a Professional Limited Liability Company (P.L.L.C.) in Texas. This agreement provides clear guidelines on the formation, management, and financial arrangements of the P.L.L.C., including rules for admitting new members and addressing the roles of non voting members. Key features include stipulations for capital contributions, percentage interests, and profit sharing, alongside provisions for indemnification and liability limitations for members and officers. Users are instructed to modify the template as necessary, ensuring that specific details fit their particular situation. The agreement emphasizes that all Members and Managers must be licensed to practice the profession specified within the P.L.L.C. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who need to ensure compliance with Texas law while efficiently managing their company structure and operations.