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Texas Series Llc Operating Agreement

13 April 2021 No Comment

Texas does not issue a general national license for all businesses, but many types of businesses and professions must obtain a state license. If individual series from your Texas Series LLC participate in activities that require a license, they may also need to apply. For example, if your Texas Series LLC or one of its series sells goods or services, a Texas sales tax authorization is required. Although we were able to resolve the situation and ensure that the ten objects commit exactly each protected series, the client potentially risked the ten properties in a lawsuit. Since these different assets and business structures are distributed in the different SERIES of LLC, each series is isolated from a different series, in addition to the assets and liabilities of Master LLC isolated. In short, the title company`s employee lawyers ordered the real estate from “XYZ, LLC” instead of “123 Main St., a protected series of XYZ, LLC, a Texas limited liability series, etc.” No one had this error until almost three years later. A series of a series of Texas Series LLC is not in fact a separate entity from the parent organization, but it behaves as a separate business unit. For example, a number of Texas Series LLCs may enter into their own contracts, have their own assets, take legal action and be sued. When a series of Texas Series LLC is properly established and maintained, it is generally not liable for the bonds and debts of other series or its parent company, LLC. What happens if an investor has only one property or a business to bring to the company? Should he or she consider another LLC series? Perhaps the question should be “why not?”, since there are no significant additional costs and the implementation or activation of the series can be delayed until an appropriate time. Standard CTCs (born in 1990 with the Delaware Business Trust Act) were originally designed to serve the investment fund and securitization sectors. Since then, serial companies have shown their value in real estate investments on the prairies and are now available in at least thirteen countries (Delaware, Texas, Nevada, Alabama, District of Columbia, Illinois, Iowa, Kansas, Missouri, Montana, Tennessee, Utah and Puerto Rico).

We prefer Texas and Nevada which have similar statutes. The LLC series is an idea that is the time to come, especially for real estate investors who wish to acquire several properties, while avoiding complex structures with many companies. Some lawyers recommend name agreements with letters, such as “XYZ, LLC – Serie A.” This approach works if you have a limited number of assets and you don`t count on more than 25 protected series. Other lawyers recommend the use of numbers such as “XYZ, LLC – Series 101, Series 102, etc. Our problem with this approach is that it does not give the real estate investor simple and effective ways to easily identify the assets in each series. Another frequently asked question regarding Series LLCs and Assumed Names is whether a single series that has already submitted a certificate of accepted names can also submit an accepted name for that particular series. For example, if “XYZ, LLC – Series A” has already been registered with both the Texas Minister of Foreign Affairs and the county where it operates, can Series A now submit a nominatable certificate called “102 1st Street Holdings”? The Texas Business Organization Code regulates requirements for standard LCs.

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