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Texas Sample Operating Agreement for Professional Limited Liability...

Tarrant Texas Sample Operating Agreement for Professional Limited Liability Company PLLC

Name: Tarrant Texas Sample Operating Agreement for Professional Limited Liability Company PLLC
Brand: US Legal Forms
Rating: 4.78 (487 reviews)

Category:

Texas Limited Liability Company - Professional - Formation

State:

Texas

County:

Tarrant

Control #:

TX-PLLC-1

Format:

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Description

This sample Operating Agreement describes the rules by which the Members agree to govern the company. Modify to suit your needs.

Title: Understanding the Tarrant Texas Sample Operating Agreement for Professional Limited Liability Company (LLC) Introduction: In Tarrant County, Texas, professionals who wish to establish a Limited Liability Company can utilize the Tarrant Texas Sample Operating Agreement for a Professional Limited Liability Company (LLC). This legal document sets out the guidelines, provisions, and roles of all members involved in the company's operations. Below, we provide a detailed description of the Tarrant Texas Sample Operating Agreement and its various types. Types of Tarrant Texas Sample Operating Agreement for LLC: 1. Basic Tarrant Texas Sample Operating Agreement for LLC: — This agreement serves as a comprehensive starting point for professionals forming an LLC in Tarrant County, Texas. — It outlines the fundamental legal and operational aspects to consider, providing a strong foundation for the future growth and success of the LLC. 2. Customized Tarrant Texas Sample Operating Agreement for LLC: — Some professionals may have particular requirements or unique circumstances that necessitate a customized operating agreement. — This type of agreement allows professionals to modify the standard provisions to better suit their LLC's specific needs. Key Elements of Tarrant Texas Sample Operating Agreement for LLC: 1. Formation and Structure: — Clearly defines the formation details, such as the legal name, principal place of business, duration, and purpose of the LLC. — Identifies the members (professionals) involved and their respective ownership percentages or interests in the LLC. — Outlines the management structure, including the responsibilities of officers and managers. 2. Capital Contributions: — Specifies the initial capital contributions made by each member and the method of valuation for future investment opportunities. — Outlines how additional contributions will be made and the procedure for distributing profits and losses among members. 3. Management and Decision-Making: — Defines the decision-making process within the LLC, addressing voting rights and procedures. — Determines whether thLLCLC will be member-managed or manager-managed. — Outlines the duties and authorities of managers or officers within the LLC. 4. Dissolution and Termination: — Outlines the circumstances under which the LLC may be dissolved or terminated, such as unanimous member agreement or a specified event. — Details the distribution of assets and liabilities upon dissolution. Conclusion: The Tarrant Texas Sample Operating Agreement for Professional Limited Liability Company (LLC) provides a foundational framework for professionals forming an LLC in Tarrant County, Texas. Whether opting for the basic agreement or a customized version, professionals can ensure the key aspects of formation, capital contributions, management, decision-making, and dissolution are appropriately addressed. Consulting an attorney experienced in Texas LLC law is advised to create a precise and enforceable operating agreement tailored to the specific needs of the LLC.

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FAQ

A PLLC is a kind of LLC specifically for licensed professionals. The difference between an LLC and a PLLC is mainly that only licensed professionals such as architects, doctors, lawyers and accountants can form PLLCs. Check with your state to determine if they permit licensed professionals to form a standard LLC.

No, your Operating Agreement doesn't need to be notarized. Each Member just needs to sign it. Once you (and the other LLC Members, if applicable) sign the Operating Agreement, then it becomes a legal document.

Advantages. Members of a PLLC aren't personally liable for the malpractice of any other member. This is a big advantage over a general partnership or sole proprietorship. PLLC members are not personally liable for business debts and lawsuits, such as unpaid office rent.

Texas does not require LLCs to have operating agreements, but it is highly recommended. An operating agreement will help protect your limited liability status, prevent financial and managerial misunderstandings, and ensure that you decide on the rules governing your business instead of state law by default.

Texas PLLCs differ from Texas LLCs in that PLLCs are formed specifically for individuals providing professional licensed services. Forming a PLLC might be the right option for you if you are a licensed professional in Texas planning to open your own practice.

In Texas, an LLC operating agreement should include the following key elements: Formation details of the LLC. The name and Texas address of a registered agent, who is designated to receive legal documents on behalf of the business. The term of the LLC. The purpose of the business. The business location.

The operating agreement for an LLC does not need to be notarized. If you make changes to the operating agreement once it has been agreed to by all members/owners, retain the original copy and save the changes as a new version.

These forms can be filed online or mailed in duplicate along with a filing fee of $300 for domestic and $750 for foreign applications. Mailed applications should be sent to: PO Box 13697, Austin, TX 78711-3697. After your application is approved, you can file the optional Operating Agreement if you choose.

No. Texas state law does not require LLCs to implement an operating agreement.

Your operating agreement can be written by your members, in which case it is free. On the other hand, you may also have an operating agreement written by a business lawyer, who will no doubt charge for this service.

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Who can form a PLLC in Texas? You should make sure you have an operating agreement for your PLLC.(Unlike most other states, Texas statutes refer to this document as a "company agreement. Some states, including Texas, allow certain types of businesses to form Professional Limited Liability Companies (PLLCs). A limited liability company is a business entity that potentially combines the most attractive features of partnerships and corporations. You could easily fill out this form in less than 5 minutes. Like all our forms, this template is intended for individual use. To use one of these fillable forms, simply complete on-screen, print and mail to our office together with the proper filing fee. To use one of these fillable forms, simply complete on-screen, print and mail to our office together with the proper filing fee. If this falls into your business type, skip ahead to "Professional LLC Filing.

If this falls into your business type, skip ahead to “Professional LLC Filing. ‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰.‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰‰. It would be very interesting to see how many people, especially small business owners, have the opportunity to fill out these forms and submit them to their state? Preliminary Question How many businesses are in Texas? Total Number of Businesses×Individuals: 100,000,000. 1,000,000. 5,000. 10,000. 20,000. 50,000 100,000 200,000 250,000 500,000 1,000,000 100,000,000 100,000,000 100,000,000 150,000,000 200,000,000 250,000,000 500,000,000 1,000,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 As reported by the American Chamber of Commerce: Texas has a total of 1,100,000 businesses, with about one-third working in the “professional services” industry. Texas has a total net worth of nearly 1 trillion.

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The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.

Tarrant Texas Sample Operating Agreement for Professional Limited Liability Company PLLC

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FAQ

What is the difference between a LLC and a pllc?

Does an operating agreement need to be notarized in Texas?

What is the advantage of a PLLC?

Does the state of Texas require an operating agreement for LLC?

What is the difference between PLLC and LLC in Texas?

How do I create an operating agreement for an LLC in Texas?

Does an LLC operating agreement need to be notarized in Texas?

How do I file an LLC operating agreement in Texas?

Is an operating agreement required for an LLC in Texas?

How do I get an operating agreement in Texas?

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What is the purpose of a Tarrant Sample Operating Agreement for Professional Limited Liability Company PLLC381223?

What is a professional limited liability company (PLLC)?

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Can I customize the Tarrant Sample Operating Agreement to fit my company's needs?

Are there any legal requirements to have an operating agreement for a PLLC?

What happens if a member wants to leave or sell their interest?

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