Updated April 26, 2022
A Texas multi-member (company) agreement form is a legal document used by companies with more than one (1) managing member. The form assists the members in the establishment of company operational procedures and policies. The document also provides tax benefits once completed and filed with the state.
This document is not required for any entity conducting business in the state of Texas. However, members should be advised that without implementing this document, in the event the company is faced with legal action, the members could be placed in the position of liquidating their private assets and/or financial accounts to pay restitution to claimants.
All members should take the time to review the entire document to ensure that they fully understand the language therein. Members may consider a collective consultation with a knowledgeable attorney for clarification and assistance.