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

Bexar Texas Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares

Name: Bexar Texas Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares
Brand: US Legal Forms
Rating: 4.62 (400 reviews)

Category:

Limited Liability Company - Operating Agreements

State:

Multi-State

County:

Bexar

Control #:

US-0689-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

In an LLC, there's two main ways to grant equity. One is via an employee buy-in, where they buy the stock at its market value (either at hire or over a set time). The second method is through what's called profit interest units, where you grant a share of the profit without their contributing anything.

Overriding State Default Rules Many states, for example, have a default rule that requires owners to divide up LLC profits and losses equally, regardless of each member's investment in the business.

Divide ownership of the LLC by calculating total cash investment by the members. Give each member an ownership stake equal to his cash investment. Four members contributing $25,000 apiece would each receive a 25 percent stake in the company.

In a partnership LLC, profits are split annually at the end of the company's fiscal year. Splitting up profits between members is called an allocation. Profits and losses are allocated by default in the same ratio as each member's ownership interest.

LLCs have no limit on the number of members and the ownership of each member can be entirely different from another member. For example, one member might have 5% ownership in the LLC, whereas another member could have 45% ownership in the LLC.

Unlike corporate shareholders, LLC members are not entitled to receive dividends. Instead, payments from an LLC are known as distributions, and whether distributions are made, and what amount they are when they are made, depends on the terms of the LLC's operating agreement.

What should an LLC operating agreement include? Basic company information. Member and manager information. Additional provisions. Protect your LLC status. Customize the division of business profits. Prevent conflicts among owners. Customize your governing rules. Clarify the business's future.

A limited liability company (LLC) cannot issue shares of stock. An LLC is a business entity structured to have either a single or multiple owners, who are referred to as the LLC's members.

Uncommon to most, your ownership in the LLC is actually split up into two parts: (1) transferable interest and (2) nontransferable interest.

A distribution from an LLC classified as a partnership may represent a guaranteed payment, a return of capital, a distribution of operating profits, or a disguised sale of property. A distribution to a member in an LLC classified as a partnership may be a liquidating distribution or a current distribution.

Bexar Texas Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares

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How does an LLC distribute equity?

Does an LLC require members to split profits equally?

How do you split ownership in an LLC?

How do partners split profits on LLC?

Do all members of an LLC have equal ownership?

Can an LLC distribute dividends?

What should be included in LLC Operating Agreements Part I?

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