The Texas Operating Agreement form is a crucial document that outlines the management structure and operating procedures of a limited liability company (LLC) in Texas. This agreement serves to define the rights, responsibilities, and obligations of the members involved. By establishing clear guidelines, it helps prevent disputes and ensures smooth operations within the company.
When forming a Limited Liability Company (LLC) in Texas, one of the most critical documents to consider is the Texas Operating Agreement form. This essential tool serves as the backbone of your LLC, outlining the internal workings and management structure of the company. It details the roles and responsibilities of members, clarifies how profits and losses will be distributed, and establishes procedures for decision-making and conflict resolution. Additionally, the Operating Agreement can specify the process for adding new members or handling the departure of existing ones, ensuring that the business can adapt and thrive over time. By laying down these foundational rules, the agreement not only protects the interests of all members but also helps to prevent misunderstandings and disputes down the line. Understanding and implementing a well-crafted Texas Operating Agreement is not just a formality; it’s a strategic move that can significantly influence the success and longevity of your LLC.
Texas Operating Agreement
This Operating Agreement (the "Agreement") is made effective as of ________ (the "Effective Date"), by and between ________ ("Member(s)") of ________ (the "Company"), a Texas Limited Liability Company. This Agreement is governed by and subject to the Texas Business Organizations Code (the "Act").
The Members hereby agree as follows:
The name of the Limited Liability Company is ________. The principal place of business shall be ________, or such other place as the Members may from time to time designate.
The term of the Company commences on the date the Certificate of Formation is filed with the Texas Secretary of State and shall continue perpetually, unless dissolved in accordance with this Agreement.
The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be organized under the Act.
The Members hereby contribute the following capital to the Company: ________. Additional contributions shall be made only upon the unanimous consent of all Members.
Management of the Company is vested in the Members. Decisions shall be made by a vote of the Members holding a majority of the interest in the Company, except as otherwise required by this Agreement or the Act.
Distributions shall be made to the Members in accordance with their respective interests in the Company, as determined by the Members.
Except as otherwise provided in this Agreement, no Member may transfer his or her interest in the Company without the written consent of the other Members.
The Company shall be dissolved upon the occurrence of any of the following: a unanimous vote of the Members, the sale of substantially all of the Company's assets, or as required by the Act.
This Agreement may be amended only by a written agreement signed by all of the Members.
This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.
IN WITNESS WHEREOF, the undersigned have executed this Operating Agreement as of the Effective Date first above written.
Member's Signature: ___________________________________
Printed Name: ___________________________________
Date: ___________________________________
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