Company Agreement (Multi-Member, Manager-Managed) (Short Form) (TX)

by Practical Law Corporate & Securities

A Standard Document that is a short-form company agreement for a Texas limited liability company (LLC) with multiple members, where one member also serves as the manager. This Standard Document provides a foundational framework for governing the LLC's operations and the relationship among its members, consistent with the Texas Business Organizations Code (BOC). It addresses organizational matters, member capital contributions and accounts, and the admission of additional members. The agreement outlines the manager-managed structure, defining the manager's authority while specifying actions that require member approval. It also includes clauses on the allocation of profits and losses for partnership taxation purposes, distributions, and restrictions on the transfer of membership interests. This Standard Document also establishes procedures for tax compliance and details the process for winding up and terminating the company.