Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
Hello. Thanks for contacting us again with your question. I am not sure what your question is about this form which is required by the Sate of Texas. The reason for the form is that when a governmental entity does business with a privately owned entity such as a corporation or your LLC, it has the right to know who the individuals are who own and/or control that entity. It is a very comprehensive form, but it appears the sections 2a and 2b are the ones that apply to you.
I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.
Thanks for your answer, that did help. Yes, my question was basically which sections did I need to fill out. On section 2a, I put the business name & information. But what do I put in 2a where is asks "percent of ownership?" What is that referring to?
And my last question, should I fill out that last page, titled "attachment A, corporation address?" It says to provide the info for each corp disclosed in section 2 or 3 that has an ownership interest of 5% or more in the disclosing entity's legal entity. What does that mean???
A LLC is owned by its members. A formal (i.e.written) membership agreement should set out the ownership interest of the members. To keep it simple, if you and the other person have agreed to a 50-50 split of profits. Then after each owner's name you would put 50%. I don't believe that anything after 2b applies to you unless you have a corporation as a member. If you do, then you have to also disclose the names and percentages of ownership of any corporation the has an ownership interest of more than 5%. At least that's how I (quickly) read it .