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Formation of apartment locating LLC.
Dallas, TX
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Posted 2 months ago in Limited Liability Company (LLC)
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I want there to be some separation between the LLC and its RE broker. I want to the broker to be contracted (i.e. replaceable) and to have bus. & legal responsibility only for the LLC's real estate functions and not its other business functions (e.g. office lease, utility bills).
Maybe I can accomplish this through the LLC's Operating Agreement and the language on TREC's form BLLLC-6 does not preclude that in its contemplation of a 'manager.' I have done real estate salesperson school and formed 1 LLC but this is confusing. Is there a way for a company to do apartment locating without using TREC BLLLC-6? How can an LLC be structured so the broker is a manager (TREC requirement), preferably not a member, and w/o responsibility for non-real estate related business functions?
Additional information
"The Real Estate License Act requires a Limited Liability Company to be licensed as a real estate broker if the Limited Liability Company provides brokerage services." TREC BLLLC-6 - http://www.trec.state.tx.us/formslawscontracts/forms/forms-r.e.app.asp Or, use LLP rather than LLC? What activities and professions are exempt from the active licensing requirement? ... a partnership or limited liability partnership (LLP) acting as a broker or salesperson through a partner who is a licensed broker ..." Attorney Judon Fambrough Obtaining a Texas Real Estate License - p3 - http://recenter.tamu.edu/pdf/1149.pdf Technical Report - Nov. 2008 The Real Estate Center - Texas A&M Answers (0)
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