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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.
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Answered in 1 minute by:
11/27/2017
RayAnswers
RayAnswers, Attorney
Category: Business Law
Satisfied Customers: 47,079
Experience: I have 30 years as a business lawyer in Texas
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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.

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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.

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