It can be easy to get lost in the myriad of paperwork needed to get your business up and running. It is important, however, to make sure your business is completing the necessary paperwork for formation and operations. Documentation serves both your business and Texas law by providing basic information about your company and an outline of how it operates. Which type of documentation you need is dependent on which type of business you run.
- Limited liability company (LLC):
The primary document for an LLC is the Articles of Organization. This establishes your business with the Texas secretary of state. You should include basic information about your business, including its official name and the purpose of the business. You’ll also include the names and addresses of your registered agent and directors.
We recommend creating an Operating Agreement as well. It’s not a requirement in Texas, but it can lay out some important processes for your business, such as income distributions, the dispute resolution process, and how your business admits new members. An Operating Agreement can greatly assist your business in running smoother with more clearly defined processes.
- Limited partnership:
To form a limited partnership, you begin by creating a Certificate of Limited Partnership. This document needs to be signed by all of the general partners involved. You’ll also need to include your registered agent and the addresses of both the agent and partners.
Limited partnerships also operate using a Partnership Agreement. The Partnership Agreement outlines how the partnership will operate. This can include how profits are divided, and operational guidelines for all businesses involved.
- Corporation:
Corporations require a couple of organizational documents, the first of which is the Articles of Incorporation. Similar to the Articles of Organization an LLC would use, this document contains the basic information about your business. The main difference between Articles of Incorporation and Organization is you’ll state the number of shares your corporation will issue.
Next are the corporate bylaws. Bylaws should include other information related to operational procedures. They should include descriptions of your procedure for shareholder meetings, amendments, elections, and recordkeeping. Records of meetings held and actions taken should also be included in the bylaws.
If you need assistance to stay on top of all your corporate document needs, or just have questions on which documentation your business may need, contact Albright & Lumpkin, PC today or call our office at (713) 455-6661.
Albright & Lumpkin, PC
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