Texas Notice of Withdrawal Of Registration Of Limited Liability Partnership is a legal document that is filed with the Texas Secretary of State when a Limited Liability Partnership (LLP) wishes to withdraw its registration with the State. This document must include the name of the LLP, its principal address, the name and address of a manager or other authorized representative, and any other required information. The Notice of Withdrawal must be signed by a representative of the LLP and must be accompanied by the applicable filing fee. There are two types of Texas Notice of Withdrawal Of Registration Of Limited Liability Partnership: (1) Voluntary Withdrawal and (2) Revocation by Secretary of State. The Voluntary Withdrawal is filed by the LLP when it wishes to voluntarily withdraw its registration with the State. The Revocation by Secretary of State is filed when the LLP fails to comply with the filing and other requirements of the Texas Business Organizations Code.
Texas Notice of Withdrawal Of Registration Of Limited Liability Partnership
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Yes, you can. A well-drafted Operating Agreement outlines the process for selling your LLC interest. Without an OA, all members must agree to a sale or transfer.
Pursuant to section 152.802 of the Texas Business Organizations Code (BOC), the registration of a limited liability partnership may be voluntarily withdrawn by filing a withdrawal notice with the secretary of state.
A limited liability company, or LLC, is a business entity that is formed under state law that combines characteristics of a corporation and a partnership. They are similar to corporations in that an LLC's members are not liable for the debts of the business, provided that certain formalities are observed.
Unless exempt, limited partnerships in Texas are subject to the state's franchise tax and must submit a tax filing each year, even if not tax is owed. A Public Information Report must be submitted as well, providing information on all general partners.
Provide written notification to the LLC of your intent to remove yourself. Receive what interest in the company you are due. (The other members are required to buy you out in line with the Articles of Organization and your share of ownership in the business.)
Unless your LLC operating agreement has a provision for withdrawal or expulsion, there are only two mainstream options available for removing a member from an LLC. The first is voluntary dissolution and the second is judicial dissolution. Voluntary dissolution requires a majority vote of the members.
Certificates of termination processing time could vary but in most cases it is 3-5 days. The hard work is done at the Texas Comptroller's office. A form 05-359, Request for Certificate of Account Status, takes 4-6 weeks to process and receive your tax clearance.