Texas Plan of complete liquidation and dissolution
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How to fill out Plan Of Complete Liquidation And Dissolution?
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FAQ
There are three primary ways a member can be removed from a Texas LLC?by complying with the operating agreement or by seeking voluntary or involuntary dissolution. The options available to you will depend on the specific facts and circumstances of your situation.
Dissolve your business. If there is no language in your operating agreement stating otherwise, this will be your only name-removal option. You and your partners will have to dissolve the business and re-register it without your name attached to it, which may be a hassle that all parties concerned wish to avoid.
As mentioned, once the winding up is complete, a Certificate of Termination must be filed with the Texas Secretary of State. The timing for processing this filing is usually three to five days.
To dissolve your Texas Limited Liability Company, there is a $40 filing fee required.
A plan of dissolution is a written description of how an entity intends to dissolve, or officially and formally close the business. A plan of dissolution will include a description of how any remaining assets and liabilities will be distributed.
The usual practice is to require the member who is withdrawing to give the LLC written notice of the withdrawal. The letter, stating you are withdrawing and requesting your share of assets and income, should be signed by you and sent to all the other members.
Under Texas law, a member of an LLC may neither voluntarily withdraw nor be expelled from a Texas LLC. However, an agreement can modify this statutory default prohibition.
Failure to properly dissolve your LLC in Texas opens your business up to liability and possible penalties. Texas requires LLCs to file an annual franchise tax report. If this report becomes delinquent for more than 45 days, the LLC loses the ability to conduct business in Texas.
