The ownership and operational policies of a limited liability corporation (LLC) are described in an operating agreement, which is a legal document. Although having an operating agreement is not required in Texas, it is strongly advised, particularly for multi-member LLCs. According to a number of variables, including the intricacy of the agreement and the lawyer or service provider you choose, the cost of an operating agreement in Texas can vary.
The price of an operating agreement in Texas might range from $500 to $2,000 or more if you decide to deal with an attorney. If your LLC has several members or if your operating agreement is complicated, this cost can be more. Operating agreement templates are available online from a variety of service providers for between $40 and $100.
There is no requirement that an operating agreement be filed with the state of Texas. Operating agreements are internal records that are exempt from state registration. A copy of the operating agreement should nevertheless be kept with your LLC’s records, as per recommendation.
An LLC may have a standard checking account in addition to an operating agreement. But it’s crucial to remember that an LLC is a distinct legal entity from its owners. To prevent any potential legal or tax concerns, it is crucial to keep your personal and corporate finances separate.
In conclusion, the price of an operating agreement in Texas varies according to the agreement’s complexity and the lawyer or service provider you choose. An operating agreement need not be submitted to the state of Texas, although it is advised that you do so to retain a copy with your LLC’s records. Regular bank accounts are permitted for LLCs, but it’s crucial to segregate personal finances from corporate ones.