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. The Harris Texas Operating Agreement is a legal document specifically designed for businesses operating in the state of Texas and falls under the legal framework of the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act. This agreement sets out the governance and operational rules for limited liability companies (LCS) in Harris County, Texas. The Harris Texas Operating Agreement outlines the rights, responsibilities, and obligations of the LLC's members, managers, and any other parties involved in the company's operations. It provides a comprehensive framework for crucial aspects such as decision-making, profit-sharing, capital contributions, management structure, member meetings, and dissolution procedures. There are different types of Harris Texas Operating Agreements depending on the specific legal framework adopted by the state. These include: 1. Harris Texas Operating Agreement under the Uniform Limited Liability Act: This agreement adheres to the provisions outlined in the Uniform Limited Liability Act (UCLA) and governs the operations of LCS in Harris County, Texas. It includes standard clauses and provisions defined by the UCLA. 2. Harris Texas Operating Agreement under the Revised Uniform Limited Liability Act: This agreement aligns with the provisions set forth by the Revised Uniform Limited Liability Act (SULLA) and regulates the operations of LCS in Harris County, Texas. It incorporates any amendments or modifications made to the original UCLA and provides updated guidelines for LCS. Both types of Harris Texas Operating Agreements emphasize the limited liability protection offered to members of an LLC, allowing personal assets to remain separate from the business's liabilities. They establish clear guidelines for decision-making, profit distribution, dispute resolution, and other important aspects, ensuring transparency and efficiency within the company. Keywords: Harris Texas Operating Agreement, Uniform Limited Liability Act, Revised Uniform Limited Liability Act, LLC, governance, decision-making, profit-sharing, capital contributions, management structure, member meetings, dissolution procedures, Harris County, legal framework, limited liability protection, UCLA, SULLA.
The Harris Texas Operating Agreement is a legal document specifically designed for businesses operating in the state of Texas and falls under the legal framework of the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act. This agreement sets out the governance and operational rules for limited liability companies (LCS) in Harris County, Texas. The Harris Texas Operating Agreement outlines the rights, responsibilities, and obligations of the LLC's members, managers, and any other parties involved in the company's operations. It provides a comprehensive framework for crucial aspects such as decision-making, profit-sharing, capital contributions, management structure, member meetings, and dissolution procedures. There are different types of Harris Texas Operating Agreements depending on the specific legal framework adopted by the state. These include: 1. Harris Texas Operating Agreement under the Uniform Limited Liability Act: This agreement adheres to the provisions outlined in the Uniform Limited Liability Act (UCLA) and governs the operations of LCS in Harris County, Texas. It includes standard clauses and provisions defined by the UCLA. 2. Harris Texas Operating Agreement under the Revised Uniform Limited Liability Act: This agreement aligns with the provisions set forth by the Revised Uniform Limited Liability Act (SULLA) and regulates the operations of LCS in Harris County, Texas. It incorporates any amendments or modifications made to the original UCLA and provides updated guidelines for LCS. Both types of Harris Texas Operating Agreements emphasize the limited liability protection offered to members of an LLC, allowing personal assets to remain separate from the business's liabilities. They establish clear guidelines for decision-making, profit distribution, dispute resolution, and other important aspects, ensuring transparency and efficiency within the company. Keywords: Harris Texas Operating Agreement, Uniform Limited Liability Act, Revised Uniform Limited Liability Act, LLC, governance, decision-making, profit-sharing, capital contributions, management structure, member meetings, dissolution procedures, Harris County, legal framework, limited liability protection, UCLA, SULLA.
