A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.
An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words Limited Liability Company or LLC. An LLC is a separate legal entity like a corporation.
Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.
Houston is the most populous city in the state of Texas and the fourth-largest city in the United States. It is home to a diverse and vibrant community, with a rich cultural heritage, thriving economy, and a wide range of attractions. A Houston Texas Sample Limited Liability Company (LLC) Operating Agreement with Capital Contributions determining interest shares is a legal document that outlines the terms and conditions under which an LLC will be managed and operated in Houston, Texas. This agreement includes provisions related to the allocation of capital contributions among the LLC members, as well as the distribution of profits and losses. Some key features that may be found in a Houston Texas Sample LLC Operating Agreement with Capital Contributions determining interest shares include: 1. Capital Contributions: This section outlines the initial contributions made by each member to the LLC and specifies the method for making additional contributions in the future. 2. Interest Shares: The agreement determines the interest shares or ownership percentages of each member based on their capital contributions. This section may include provisions for adjusting interest shares in case of additional contributions or changes in the LLC's capital structure. 3. Management and Voting: The agreement specifies how the LLC will be managed and the decision-making process. It may outline voting rights, board of managers, or a designated manager responsible for daily operations. 4. Profits and Losses: The distribution of profits and losses among members is detailed in this section. It may provide for a preferred return on investment, as well as the method for allocating profits and losses based on interest shares. 5. Transfer of Interest: This section outlines the process and restrictions for transferring ownership interest in the LLC. It may include provisions related to consent requirements, buy-sell agreements, or rights of first refusal. There may be variations of the Houston Texas Sample LLC Operating Agreement with Capital Contributions determining interest shares depending on the specific needs of the LLC or the industry it operates in. Some types of LLC agreements that exist include: 1. Single-Member LLC Operating Agreement: This agreement is designed for LCS with a sole member or owner. 2. Multi-Member LLC Operating Agreement: This agreement is tailored for LCS with multiple members and may include additional provisions related to member relationships and dispute resolution. 3. Professional LLC Operating Agreement: This agreement is specific to licensed professionals, such as doctors or lawyers, who want to form an LLC. 4. Series LLC Operating Agreement: A series LLC is a unique form of LLC that allows for the creation of individual series or cells within the company. Each series can have its own assets, liabilities, and members. In conclusion, a Houston Texas Sample LLC Operating Agreement with Capital Contributions determining interest shares is a legally binding document that sets out the rules and guidelines for an LLC in Houston, Texas. It is important to consult with legal professionals or use customizable templates to ensure that the agreement meets the specific needs and legal requirements of the LLC.Houston is the most populous city in the state of Texas and the fourth-largest city in the United States. It is home to a diverse and vibrant community, with a rich cultural heritage, thriving economy, and a wide range of attractions. A Houston Texas Sample Limited Liability Company (LLC) Operating Agreement with Capital Contributions determining interest shares is a legal document that outlines the terms and conditions under which an LLC will be managed and operated in Houston, Texas. This agreement includes provisions related to the allocation of capital contributions among the LLC members, as well as the distribution of profits and losses. Some key features that may be found in a Houston Texas Sample LLC Operating Agreement with Capital Contributions determining interest shares include: 1. Capital Contributions: This section outlines the initial contributions made by each member to the LLC and specifies the method for making additional contributions in the future. 2. Interest Shares: The agreement determines the interest shares or ownership percentages of each member based on their capital contributions. This section may include provisions for adjusting interest shares in case of additional contributions or changes in the LLC's capital structure. 3. Management and Voting: The agreement specifies how the LLC will be managed and the decision-making process. It may outline voting rights, board of managers, or a designated manager responsible for daily operations. 4. Profits and Losses: The distribution of profits and losses among members is detailed in this section. It may provide for a preferred return on investment, as well as the method for allocating profits and losses based on interest shares. 5. Transfer of Interest: This section outlines the process and restrictions for transferring ownership interest in the LLC. It may include provisions related to consent requirements, buy-sell agreements, or rights of first refusal. There may be variations of the Houston Texas Sample LLC Operating Agreement with Capital Contributions determining interest shares depending on the specific needs of the LLC or the industry it operates in. Some types of LLC agreements that exist include: 1. Single-Member LLC Operating Agreement: This agreement is designed for LCS with a sole member or owner. 2. Multi-Member LLC Operating Agreement: This agreement is tailored for LCS with multiple members and may include additional provisions related to member relationships and dispute resolution. 3. Professional LLC Operating Agreement: This agreement is specific to licensed professionals, such as doctors or lawyers, who want to form an LLC. 4. Series LLC Operating Agreement: A series LLC is a unique form of LLC that allows for the creation of individual series or cells within the company. Each series can have its own assets, liabilities, and members. In conclusion, a Houston Texas Sample LLC Operating Agreement with Capital Contributions determining interest shares is a legally binding document that sets out the rules and guidelines for an LLC in Houston, Texas. It is important to consult with legal professionals or use customizable templates to ensure that the agreement meets the specific needs and legal requirements of the LLC.
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.
