2009
A newer type of LLC—the series LLC—has been available in Texas since 2009 (see Chapter 101, Subchapter M of the Business Organizations Code).

Can you convert an LLC to a series LLC in Texas?

While it is possible to convert an existing Texas LLC to a Series LLC, it must be noted that substantial changes to the Certificate of Formation and existing company documents (company operating agreement, additional organizational minutes and resolutions, and set up of protected series) is required to effectively …

How does a Texas Series LLC work?

Basically, a Series LLC is a type of LLC that provides tax benefits and legal protections to multiple divisions of a single LLC, while also shielding each individual division from the liabilities of other divisions and the parent LLC.

How to register a limited liability partnership in Texas?

The Secretary of State provides a form for registration as a limited liability partnership [Form 701]. Online filing of the registration and other required forms is provided through SOSDirect.

How does a general partnership work in Texas?

Texas Secretary of State Corporations. A general partnership is created when two or more persons associate to carry on a business for profit. A partnership generally operates in accordance with a partnership agreement, but there is no requirement that the agreement be in writing and no state-filing requirement.

What makes a partnership a joint venture in Texas?

A partnership or joint venture is a form of contract, whether written or oral. Texas courts have historically supported the concept of freedom of contract, allowing the parties to make agreements and allocate risks as they see fit, so long as some express statutory or common-law principles are not violated in the process.

Can a LLC be classified as a partnership?

Thus, an LLC with multiple owners can either accept its default classification as a partnership, or file Form 8832 to elect to be classified as an association taxable as a corporation. The Form 8832 is also filed to change the LLC’s entity classification.