Company Agreement (Member-Managed, Single Member) (TX LLC)
Summary
This Company Agreement (Single Member, Member-Managed) (TX LLC) template is for use by a member-managed Texas limited liability company (LLC) with a single member. This template includes practical guidance and drafting notes. Since the LLC has only one member, issues relating to voting and transfers are less prominent in this agreement than the provisions found in a company agreement(otherwise known as an operating agreement) for a multiple member LLC. This template should not be used, or will need to be substantially revised, for a limited liability company with multiple members, because it does not provide for the allocation of tax items, transfer provisions, buy-sell provisions, or similar types of provisions that typically would govern the relationship between LLC members. For other versions of a Texas LLC company agreement, see Company Agreement (Manager-Managed, Single Member) (TX LLC), Company Agreement (Member-Managed, Multiple Member) (TX LLC), and Company Agreement ...