Texas LLC Operating Agreement Template
Although the Texas LLC operating agreement is not required by State law, it is highly recommended by legal professionals especially if there are partners (also known as a ‘multi-member LLC’) or other owners within the company. Just as a person obtains a document in writing for any type of business transaction, when forming a limited liability company it is a good idea to get all contributions, percentage of ownership, registered agent, duties of each member, and any other agreed upon item to be in writing so there are no disputes in the future.
- This document can be made to write a single or multi-membered llc operating agreement.
The template allows for the following subjects and items to be agreed upon by the members;
- Registered Agent Office and Address
- Term of Company (Usually Perpetual)
- Business Purpose
- Principal Place of Business
- Admission of Additional Members
- Capital Contributions (Along with miscellaneous Additional Contributions)
- Distribution(s)
- Profit and Losses
- Management of Business
- Powers of Managers
- Nominee(s)
- Indemnification
- Record Keeping
- Compensation for Duties
- Reimbursement
- Bookkeeping and Member’s Accounts
- Assignment
- Valuation of Member’s Interest
- List of All Managers and Members