This sample Operating Agreement describes the rules by which the Members agree to govern the company. Modify to suit your needs.
Houston Texas Sample Operating Agreement for Professional Limited Liability Company PLLC
State:
Texas
City:
Houston
Control #:
TX-PLLC-1
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Texas Sample Operating Agreement For Professional Limited Liability Company PLLC?
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FAQ
Most states do not require LLCs to have this document, so many LLCs choose not to draft one. While it may not be a requirement to have an operating agreement, it's actually in the best interest of an LLC to draft one. And by drafting it, I'm referring to creating a written operating agreement.
Typically, PLLCs benefit from what is referred to as ?pass-through? taxation. This means that the business entity itself does not pay taxes to the federal government. Rather, income for the business is taxed at the individual level and paid on the tax returns of the PLLC members.
A Texas PLLC is a limited liability company (LLC) formed specifically by people who will provide Texas licensed professional services. LLCs in general are businesses registered with the state that consist of one or more people?called LLC members?who own the business.
With an LLC, anyone can be a member, or owner, of the business. State PLLC laws often provide that only licensed professionals can be members, or that a certain number of members must be licensed professionals. A PLLC cannot be used to shield the members from claims for malpractice.
Texas does not require LLCs to have operating agreements, but it is highly recommended. An operating agreement will help protect your limited liability status, prevent financial and managerial misunderstandings, and ensure that you decide on the rules governing your business instead of state law by default.
Your Texas LLC Operating Agreement doesn't need to be notarized. Once you (and the other LLC Members, if applicable) sign the Operating Agreement, then it becomes a legally binding document for all of you.
Advantages. Members of a PLLC aren't personally liable for the malpractice of any other member. This is a big advantage over a general partnership or sole proprietorship. PLLC members are not personally liable for business debts and lawsuits, such as unpaid office rent.
In Texas, an LLC operating agreement should include the following key elements: Formation details of the LLC. The name and Texas address of a registered agent, who is designated to receive legal documents on behalf of the business. The term of the LLC. The purpose of the business. The business location.
An LLC operating agreement is not required in Texas, but is highly recommended. This is an internal document that establishes how you will run your LLC. It sets out the rights and responsibilities of the members and managers, including how the LLC will be managed.
The professional limited liability company (hereinafter PLLC) is a limited liability company that is formed for the purpose of providing a professional service.
