In Texas, an LLC series is a variant of the traditional model of Texas LLC Business Training. First, the difference between a Traditional Texas LLC and a Texas Series LLC lies in the fact that the LLC series includes the legal language of the Texas Business Organizations Code (TBOC) in the Certificate of Formation and Company Agreement, which allows series LLC to create a theoretically unrestricted number of “series” within the legal framework of a single LLC. In our practice and in this document, we call this “series” a “protected series.” “Protected Series” is a term used by the Uniform Protected Series Act (UPSA) that we will detail in the section on the designation of a protected series. (1) the establishment certificate (“COF”); (2) a comprehensive enterprise agreement (also known as an enterprise agreement); (3) the minutes of the first meeting of members (organisational meeting); (4) Certificate of membership signed and issued; (5) approval signed by the registered representative; and (6) guarantees and sales invoices that transfer assets to the LLC or its individual series. We have rarely met some regional banks that insist on seeing a “Filing Number” for a protected series. This is another case of bank lawyers who were not informed of the provisions of the LLC series, who do not require a secure serial declaration to the Texas Minister of Foreign Affairs. The LLC Series is one of the most complicated business structures, which is why we recommend having a qualified lawyer to help you write the enterprise agreement of your Texas Series LLC. But you don`t have to start from scratch. At Northwest, we provide free operating contract LLC templates as well as other free LLC forms that you can use as a springboard for writing documents that meet the requirements of your Texas Series LLC.
Take a look: We recommend that all potential customers who are considering launching a Texas Series LLC or convert it into Texas Series LLC, meet with their accountant and/or CPA to ensure that everyone knows how to report on each protected series. Here too, it is ideal (and probably much easier) to open separate bank accounts for each protected series. Ultimately, you need to balance the burdens and costs of maintaining multiple bank accounts with the potential of a lawyer for the complainant, who will aggressively follow the discovery and hire outside experts to prove that the funds are pouring into a single account, even for the smallest amounts. In short, our opinion is to keep bank accounts separate, unless you and your accountant/CPA have impeccable records skills. Prudent asset protection practice suggests that careful consideration must be given before “mixing and intersecting” totally different assets or businesses within the same company, even a serial enterprise. In general, you should not divide a company into a number of LLCs that: Have you put up information about serial llcs in Texas? I cannot thank you enough for providing your expertise and providing this free and simple enterprise agreement.