Legal Question in Business Law in Texas

Re: Two CEO's

Yes, you have a great deal of flexibility with LLCs. You can agree to divide control and profits, and create officer positions with few restrictions.

I advise most clients to carefully consider buy-sell issues before moving forward, however, as they can become very meaningful with the passage of time. For example, if either of you is married and/or has children (or if one of you simply decides to sell his interest to a third party), you may want to include a "buyback" right in the LLC Company Agreement (or in a separate "Buy-Sell Agreement) in favor of the other owner or the LLC itself. Otherwise, the remaining member risks winding up with a partner he didn't anticipate, should one of you pass away or elect to sell.

Re: Two CEO's

Based on what you have written, there is a wide variety of items that two parties may agree on when developing a business realtionship. I generally advise that the business/individuals ensure that the agreement contain all the paragraphs and terms required to protect the entity/individuals currently and into the future. If my local law firm can assist you with this legal issue or any other legal matter, please conatact my legal assistant Jennifer ([email protected]) to arrange for an initial consultation.