Texas LLC members question

Hello,

Do members of LLC had to added to LLC at the time of filing or operating agreement is enough to show the ownership of a given member.

We are 10 friends who are trying to form a LLC and question is whether a manager is good enough or all of the members should be added to reflect the ownership in the company.

Regards...Abinder

Answer

The Articles of Organization do not control who can ultimately become a member of your LLC. As long as your Operating Agreement permits it, members can transfer their shares in the LLC among themselves or sell to outside parties to bring more investors into the company.

You will obviously want some writing documenting each member's ownership and transfers of ownership, which can be done through an amendment or exhibit to your operating agreement.

Some states require that the LLC file reports showing the identity of the current members.

If anyone has additional thoughts on this, please comment.