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Listen to the free Texas LLC class and read along at: https://llcprofessor.com/texas-llc/
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Listen to the free Texas LLC class and read along at: https://llcprofessor.com/texas-llc/
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Listen to the free Texas LLC class and read along at: https://llcprofessor.com/texas-llc/
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The Texas LLC is a limited liability company formed under the laws of Texas, offering personal liability protection to its owners. It is popular for small businesses due to its simple management structure, flexibility, and favorable tax treatment. Texas also offers a series LLC option, allowing for multiple series within one LLC. Other benefits include limited liability protection, flexible management, pass-through taxation, no residency requirement, easy formation, business credibility, and separation of personal and business assets. The Texas LLC formation requires filing the necessary documents with the Texas Secretary of State. The Texas LLC Certificate of Formation must include the LLC name, Texas Registered Agent, manager or member names, and mailing address. The Texas Secretary of State is responsible for registering and filing LLCs in Texas. The Texas LLC Operating Agreement outlines ownership structure, management, capital contributions, distributions, taxation, dissolution, a Howdy y'all! I am the LLC professor. Today we will be discussing the Texas LLC. Ready to get this fun class started? Giddy up! A Texas LLC is a limited liability company formed under the laws of the state of Texas, providing personal liability protection to its owners for the company's debts and obligations. Texas LLCs are a popular choice for small businesses due to their simple management structure, flexibility, and favorable tax treatment. Additionally, Texas is one of the few states that offers a hybrid LLC option, known as a series LLC, which allows for the creation of multiple series or cells within a single LLC, each with its own assets, liabilities, and members. Read this free Texas LLC class to see what happens before an LLC is formed and what to do after the business is legal. Texas LLC Benefits There are many benefits to owning an LLC in Texas. Texas LLC benefits depend on a person's own situation. Here are some general benefits that most can enjoy. Limited Liability Protection As the name suggests, a limited liability company, LLC, offers limited liability protection to its owners. This means that the owners, also known as members, are not personally liable for the debts and obligations of the LLC. Flexible Management Structure LLCs offer flexibility in terms of management structure. You can choose to have a member-managed LLC where all members are involved in the day-to-day management of the company, or you can have a manager-managed LLC where one or more designated managers are responsible for running the business. Pass-Through Taxation LLCs are not taxed at the entity level. Instead, profits and losses are passed through to the members and reported on their individual tax returns. This means that the LLC itself does not pay federal income tax on its profits. No Residency Requirement Texas does not require LLC owners or managers to be residents of the state, making it a popular choice for out-of-state business owners. Easy Texas LLC Formation Forming an LLC in Texas is relatively simple and inexpensive compared to other states. You can file the necessary documents with the Texas Secretary of State and be up and running in no time. Business Credibility Having an LLC can add credibility to your business and make it appear more professional to potential customers, clients, and partners. Separation of Personal and Business Assets Owning an LLC in Texas allows you to keep your personal assets separate from your business assets, which can protect your personal finances in the event of a lawsuit or other legal action against the company. Texas LLC Certificate of Formation The Texas LLC Certificate of Formation is the document used to file a new limited liability company in Texas. You can submit the filling by mail or online. Information requested on the Texas Certificate of Formation Texas LLC Name The Texas LLC name must contain the words Limited Liability Company, Limited Company, or an abbreviation of those terms. Texas Registered Agent Every LLC needs a Texas Registered Agent. The agent can be a person or a company. Your LLC cannot be its own Texas Registered Agent. Many people choose to hire a company to skip the hassle. The price for agent service is around $120 a year. Agents usually throw in some free perks for your LLC as well. The Texas Registered Agent accepts any service of process or communications at a registered office address in Texas. Manager or Member Name If you have initial managers for the LLC, those names and addresses will be listed. It doesn't matter if they are live people or other companies. The same applies to members if you do not have initial managers set in place. That is something to think about if you are concerned about privacy. Mailing Address The state of Texas wants a mailing address so they can send you the state franchise tax correspondence. The name and address of the organizer of the LLC will be recorded on public record. Everything on this document will be on public record, as a matter of fact. You can now pause the audio so you can take the fun quiz. When you are finished, start the audio again and finish the class. Are you all set now? Okay, let's go. Texas Secretary of State The Texas Secretary of State is an elected official responsible for overseeing and regulating various aspects of state government, including the registration of businesses and corporations. In Texas, the Secretary of State's office is responsible for registering and filing Limited Liability Companies, LLCs. When filing a new LLC in Texas Online, you will use the state's filing system called SOS Direct. Here you can file new LLCs, receive evidence in real time, order copies, search business entities, print copies of image documents, obtain status, and check name availability. Texas LLC Operating Agreement A Texas LLC Operating Agreement is a legal document that outlines the ownership structure, management, and operating procedures of a Limited Liability Company, LLC registered in Texas. The operating agreement is a crucial document for any LLC as it sets out the rules and guidelines that govern the business and how it is managed. The Texas LLC Operating Agreement typically includes the following. Ownership Structure This section defines the ownership structure of the LLC, including the names and addresses of the members and their percentage ownership. Management This section outlines the management structure of the LLC and how the members will make decisions, including the roles and responsibilities of the managers or managing members. Capital Contributions This section outlines the initial capital contributions made by each member and any future contributions that may be required. Distributions This section explains how profits and losses will be distributed among the members. Taxation This section explains how the LLC will be taxed, including whether the LLC will be taxed as a pass-through entity or as a corporation. Dissolution This section outlines the procedures for dissolving the LLC, including how assets will be distributed among the members. Amendments This section outlines how the operating agreement can be amended or changed. While the State of Texas does not require LLCs to have an operating agreement, having one can be beneficial for the business as it clarifies the rights and responsibilities of the members and can help avoid disputes in the future. It is recommended that all LLCs have an operating agreement drafted. Texas EIN for LLCs A Texas EIN is an employer identification number assigned by the Internal Revenue Service, IRS, to businesses operating in Texas for tax purposes. An EIN is a unique 9-digit number used to identify a business entity for federal tax purposes, similar to a Social Security number for individuals. In Texas, businesses are required to obtain an EIN if they have employees, operate as a partnership or corporation, or meet certain other criteria. An EIN is also required for opening a business bank account and tax filings such as income tax returns, employment tax returns, and excise tax returns. To obtain a Texas EIN, a business must first have a legal entity established, such as a corporation, partnership, or LLC. Once the legal entity is established, the business can apply for an EIN with the IRS by completing an online application on the IRS website or by mailing a completed Form SS-4 to the IRS. The EIN application process is free of charge, and once approved, the business will receive a unique 9-digit EIN number. Texas EIN Application at IRS Texas Business Bank Account A business bank account is a separate account that is used to manage the financial transactions of the LLC, such as receiving payments from customers, paying bills and expenses, and keeping track of the LLC's finances. Opening a business bank account for an LLC is important because it separates the business's finances from the personal finances of the LLC's owners or members. It also makes it easier to keep accurate records of the LLC's finances and for tax purposes. To open a Texas business bank account for an LLC, you will need to provide the bank with documentation such as the LLC's Certificate of Formation, EIN, and any other legal documents required by the bank. It is also a good idea to have a copy of the LLC's operating agreement to provide to the bank if requested. Texas LLC Annual Report You will file an annual report every year with the Texas Comptroller. A franchise tax of 1% of all gross receipts over $1,000,000. Let's go over some notes on the Texas LLC class before you take the final exam. Texas LLC Class Notes What is a member of a Texas LLC? The member of a Texas LLC is the title of an owner. Do I have to pay for Texas Registered Agent Service? You can get free Texas Registered Agent Service from some incorporators. Get free service through our special coupon deal, Northwest Deal. Seven Benefits of Texas LLCs Pass-through Taxation Fewer Formalities Limited Liability Protection Flexible Management No Residency Requirements Easy Formation Credibility What is used to form a new Texas LLC? The Texas Certificate of Formation for LLCs Texas Operating Agreement You will use an internal document called a Texas Operating Agreement to set the rules for the LLC's management, profit payout, dissolution rules, and other important procedures. Texas LLC Bank Account Requirement You will need to get an EIN from the IRS before you can open a Texas LLC business bank account. You are now ready to take the final exam. Good luck my friend!
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