Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

I have a LLC business in the state of Texas. It is currently…

I have a LLC business...
I have a LLC business in the state of Texas. It is currently a sole proprioter. If I want to add 2 partners do I need to change it to a corporation? Or can I leave as is and just generate an agreement? They will both have 50% ownership.
Show More
Show Less
Ask Your Own Business Law Question
Answered in 1 minute by:
11/27/2017
RayAnswers
RayAnswers, Attorney
Category: Business Law
Satisfied Customers: 48,793
Experience: I have 30 years as a business lawyer in Texas
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Ask Your Own Business Law Question

You can leave it as an LLC and amend the articles to add these persons and their ownership.This would make it current here.

Limited Liability Companies:

Members of LLCs may assign the member’s ownership interest in accordance with the LLC’s governing statute (Texas Business Organizations Code, Chapter 101, Subchapter C) and its governing documents, such as its regulations, operating agreement or company agreement. There is no filing requirement with the secretary of state when there is an ownership change. If the registered agent or office information has changed after a change in ownership, you must update that information. See Form 401 (Word 103kb, PDF 94kb).

How do I change the management information for a corporation or LLC?

Corporations and LLCs change management by following the procedures for removal or resignation, which are generally found in an entity’s governing documents, such as its bylaws, regulations or company agreement. Once a change in management has been made internally by the entity, the management records with the secretary of state may be updated in two ways. First, corporations and LLCs are required to update their management information each year on the Public Information Report, filed with the Texas Comptroller of Public Accounts. This information is then sent to the secretary of state and the management records are updated accordingly. Second, although amendments are not required, corporations may file an amendment with the secretary of state to update the director information; LLCs may file an amendment to update management information. Both of these options will update the information in the records of the secretary of state and Comptroller.

And you need a management operating agreement.

https://www.northwestregisteredagent.com/texas-llc-operating-agreement.html

I appreciate the chance to help you tonight.Thanks again.

If you can positive rate 5 stars it is much appreciated.

RayAnswers
RayAnswers, Attorney
Category: Business Law
Satisfied Customers: 48,793
Experience: I have 30 years as a business lawyer in Texas
Verified
RayAnswers and 87 other Business Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask RayAnswers Your Own Question
RayAnswers
RayAnswers
RayAnswers, Attorney
Category: Business Law
Satisfied Customers: 48,793
48,793 Satisfied Customers
Experience: I have 30 years as a business lawyer in Texas

RayAnswers is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

2,032 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

778 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

683 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

604 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
Looking to convert my business from a sole proprietor to an
Looking to convert my business from a sole proprietor to an LLC. I currently own a gift shop and as we continue to grow should I be looking at making the change over?… read more
Michael Bradley
Michael Bradley
JD
1,635 satisfied customers
I need to ad a member to my Oklahoma LLC. Currently we are a
I need to ad a member to my Oklahoma LLC. Currently we are a 50/50 owned LLC but we want to ad someone at 10%, changing our ownerships to 45/45. I read online somewhere else that Oklahoma doesn't care… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I just formed an llc. I was a sole proprietor before. Can
I just formed an llc. I was a sole proprietor before. Can i use my old name. The llc just has the llc behind it. They are asking for business name on an application and I haven't changed over everythi… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
hello regarding my LLC in California. I have my llc 1 year
hello regarding my LLC in California. I have my llc 1 year ago, myself member. solo member. it is a manager managed llc. Now my wife wants to be in operating agreement, okay I can change this no probl… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Hello, I need to form an LLC with another partner that will
Hello, I need to form an LLC with another partner that will serve as a holding company for stock in a separate corporation. Essentially my LLC partner owns 40% of the preferred stock in a company wher… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
We have a Texas 2 member (father and son) LLC taxed as a partnership
We have a Texas 2 member (father and son) LLC taxed as a partnership by default. Father retired in July 2012 and has no involvement in LLC as of then. Son would rather not dissolve LLC since all credi… read more
mclemorelawyer
mclemorelawyer
Doctoral Degree
4 satisfied customers
I am a Licensed Chemical Dependency Counselor in Texas and
I am a Licensed Chemical Dependency Counselor in Texas and I am interested in private practice… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I am currently operating under a LLC (Sole proprietorship)
I am currently operating under a LLC (Sole proprietorship) registered in the state of Wisconsin, 4 full time employees not including my self and have been doing business since 2005. I'd like to extend… read more
dkennedy
dkennedy
Attorney
Juris Doctorate
27 satisfied customers
I own an L.L.C., and want to take on a member who wants to
I own an L.L.C., and want to take on a member who wants to provide bonding, insurance and a structure to provide public services. I currently am the sole member, and want to maintain controlling inter… read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
In 2008, My partner and I filed to create a 2-Member LLC in
In 2008, My partner and I filed to create a 2-Member LLC in Delaware, through Delaware Intercorp. [The principal location of the business is in Virginia.] It is my understanding that in a 50-50 held 2… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,773 satisfied customers
in an llc with 2 members(managed- members) and 50-50 shares
in an llc with 2 members(managed- members) and 50-50 shares if one of the members wants to transfer me her part of shares,50%,i have to mention both are agree,also there is no operating agreement in t… read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
I have some additional questions about some actions my partner
I have some additional questions about some actions my partner has taken. I have a signed application from him in 2006 to get a workers compensation exemption wherein he attached a copy of a stock cer… read more
socrateaser
socrateaser
1,031 satisfied customers
Quick Overview The Company will need to be able to add financial
Quick Overview: The Company will need to be able to add financial investors as it grows and these financial investors will want to have some kind of ownership in the company. The majority of profits, … read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
778 satisfied customers
We are starting a new rental property business, purchasing
We are starting a new rental property business, purchasing our first 4 plex in Texas. Initial down payment for 4 plex put the business in debt initially. During the first 3-5 years is it best to have … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Hello, I hope all is well with you. I am the sole shareholder
Hello, I hope all is well with you. I am the sole shareholder of TX S Corporation (UPI). I would like to form a joint venture with a Limited Company formed in the state of Gujurat, India (PSS). Both c… read more
David C. Garner
David C. Garner
Attorney
Post-Doctoral Degree
928 satisfied customers
HI, my question is related to a business aquisition. I am planning
HI, my question is related to a business aquisition. I am planning on buying a business. I want the purchased business to be owned by an individual and an LLC that I set up. The reason for the LLC bei… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Texas LLC, Can a LLC that has been formed as a disregarded
Texas LLC, Can a LLC that has been formed as a disregarded intity. I'm assuming a sole prepriortorship be changed to a partnership LLC?… read more
Jim Reilly
Jim Reilly
Private Practice Attorney
Juris Doctor
1,759 satisfied customers
My fianc and I are incorporating in Florida and are 50-50 ...
My fiancé and I are incorporating in Florida and are 50-50 partners in our new business. The business includes providing home finance advice to homeowners, promoting/selling our upcoming book and prov… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x