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Sample Limited Liability Company LLC Operating Agreement with Capital...

Tarrant Texas Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

Name: Tarrant Texas Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
Brand: US Legal Forms
Rating: 4.56 (434 reviews)

Category:

Limited Liability Company - Operating Agreements

State:

Multi-State

County:

Tarrant

Control #:

US-0688-WG

Format:

Instant download

Description

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.

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FAQ

While most people do make an initial capital contribution, legally it is not required. You could simply appoint yourself as the sole member of your SMLLC without making any initial investment. However, you'd probably be taking a significant risk if you didn't invest at least a small amount at the outset.

Capital contributions are the money or other assets members give to the LLC in exchange for ownership interest. Members fund the LLC with initial capital contributionsthese are usually recorded in the operating agreement.

A capital contribution is the cash or property the owners contribute to their business. LLC members typically make capital contributions at the outset of the business. Also, they may make further contributions during the life of the business.

Accounting for LLC Capital Contributions The primary use of a capital account is to record the value of the member's percentage of ownership; if the LLC were to be dissolved, the amount in each member's capital account should reflect the amount that member would receive after all debts have been paid.

No Member shall have any obligation to make any Capital Contributions to the Company other than as expressly set forth herein.

Two Types of LLCs - Same Capital Contribution LLCs with one owner are single-member LLCs. They are taxed like a sole proprietor, reporting business taxes on Schedule C.

Shareholders in an S corporation have an initial stock basis equal to the amount of their capital contributions to the corporation.

Members are required to contribute capital to an LLC only in the amounts they agree to contribute in the Operating Agreement, at the times specified in the Operating Agreement. A member's agreement to contribute may be enforced by the company in accordance with law.

Capital can include cash, accounts receivable, equipment, and even physical property. Naturally, putting the words together, a capital contribution is a member's contribution of assets, usually cash, into the LLC.

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Floor as set out in Attachment 1 to Exhibit 7 to the Agreement. Texas Department of Transportation.Increase Up-Front Financing Through Private Equity. 5. Make Greater Total Debt Capacity Available Through Private Structure. 5. "HPK GP" means HPK Energy, LLC, a Delaware limited liability company. Capital Contributions. 135. SMASHBURGER FRANCHISING LLC a Delaware Limited Liability Company. Not assume any obligation to update any forwardlooking statement. The following discussion and analysis of financial condition, results of

Tarrant Texas Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

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Do you have to make a capital contribution to an LLC?

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Is a capital contribution mandatory?

Does an LLC pay taxes on capital contributions?

Do capital contributions in an S corp need to be equal?

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