Travis Texas Limited Liability Company LLC Company Agreement is a legal document that outlines the rights, responsibilities, and operational procedures of members/partners within a Limited Liability Company (LLC) registered in Travis, Texas. It serves as the governing document for the LLC, providing a framework for decision-making, profit distribution, member contributions, and more. The Travis Texas Limited Liability Company LLC Company Agreement typically includes the following key provisions: 1. Formation: This section outlines the essential information about the LLC, including its name, principal place of business, purpose, and duration. 2. Members: It specifies the names, addresses, and capital contributions of all members/partners involved in the LLC. It also highlights the voting power, distribution rights, and management roles of each member. 3. Management: This part defines the management structure, addressing whether the LLC will be member-managed or manager-managed. If manager-managed, it further details the selection, responsibilities, and authority of the managers. 4. Voting: The agreement outlines the voting procedures for decision-making, including the majority or super majority requirements for various matters, such as admitting new members, amending the agreement, or terminating the LLC. 5. Profits, Losses, and Distributions: It describes how profits and losses will be allocated among the members, based on their agreed-upon contributions or percentage interests. This section may also outline the distribution policies, frequency, and procedures for distributing profits. 6. Capital Contributions: It specifies the amount of initial capital each member must contribute to the LLC and outlines guidelines for additional contributions in the future. 7. Dissolution: This section outlines the circumstances under which the LLC may be dissolved, such as by a unanimous vote or the occurrence of certain events. It may also address the liquidation process and distribution of remaining assets. 8. Amendments: If there is a need to modify the company agreement in the future, the process for making amendments should be clearly defined, including the required majority or consent of members. It is important to note that the content and provisions within a Travis Texas Limited Liability Company LLC Company Agreement may vary based on the specific needs and preferences of the members. Furthermore, LCS may have additional tailored clauses or provisions, such as restrictions on member transfers, buy-sell agreements, non-competition clauses, or dispute resolution mechanisms. Therefore, while the general structure and provisions discussed above are common, it is advised to consult with legal professionals to draft or review a Travis Texas Limited Liability Company LLC Company Agreement tailored to the specific requirements and objectives of the members involved.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.