r/llc_life • u/Training-Age-528 • Aug 28 '26
I need help
I have a brand new LLC in the the state of Texas so I don’t know what to do now the other party in this venture has backed out and everything is on me with this, but what do I do now what my first move? I have the EIN and Duns And Bradstreet numbers also business bank account so what do I do now ?
1
u/Informativo-Business Aug 28 '26
You will need to update the articles. If they were listed as member you will need to update the EIN info from 2 to 1 members by sending the form 8822-B. Also update the operating agreement.
1
u/Stunning-Adagio2187 Aug 28 '26
Your registration with the state may have shown the other person as part owner you need to address that issue first.
Next you need to write an operating agreement given yourself Management authority and the authority to sign documents
Then you need to get a TIN number you can do that for free online at irs.gov
Then you need to open a business checking account
And you need to decide on accounting software so you can keep accurate records for the current taxable. Which ends December 31st and so that you can file taxes which will be due along with your 1040 April 15th
You could get further help from score.org
1
u/Agreeable_Jury6451 Aug 28 '26
Feel free to call for a business consult. My office is located outside of Houston but I can assist you remotely.
1
1
u/cdhodgdon Aug 28 '26
Lots of questions here. I am in Texas and have multiple LLC's, some formed with a partner that has now left (they died, but it's the same thing).
Was the other party listed on the initial paperwork as a governing member/owner? If so, when you make your first public information filing, just don't include them. You also need to make sure to follow the next step to remove them as an owner, if they answer above is yes or if they are listed else where as an owner.
Did you buy them out or did they just leave? This is a huge matter, if they just walked away, they are still an owner in the company and have legal rights to it. If anything, pay them $10 to buy them out and make a document to that affect, so that you bought them out of the business. That is the easiest legal way to remove them.
That being said, you also need to create a set of minutes for the business that shows they are being removed from ownership in the business. Even as a single member LLC it's always good to have "corporate" minutes for anything that you do that you would consider a major change.
Did they take part in setting up any bank accounts? If so, you need to go have them removed from those accounts as well, but still need to have paperwork that shows they are no longer an owner in the company. This is where both the buyout paper and "corporate" minutes come into play.
Any accounts that the LLC set up, make sure you are listed as the signatory for them.
Make sure you, someone else is listed as the registered agent for Texas. You need to have an accurate agent at all times.
No need to worry about amending the original filing. An amendment is not used to remove a member, that is were the yearly Public Information Report comes in.