NDA between 2 Members of an LLC

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NDA between 2 Members of an LLC

Myself and another person are member owners of an LLC in the state of texas. The
other person is whose ‘idea’ the company is, but we have decided to be 50/50
partners in the venture. We have already filed the articles of incorporation. My
question is, what is the cheapest/easiest way to setup an NDA that would state
that neither he nor I can discuss company specifics with others. Should it be
created as part of an operating agreement provision, or can we customize a basic
NDA form. The problem i’m running into, is most NDA’s are between individuals,
or between a company and an individual i’m not sure how this would work since
we are both company owners.

Asked on January 7, 2019 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Have the NDA be part of the operating agreement, so it binds the two of you as members (owners of an LLC) and is part of the basic structure and governance of the LLC. You can take language from a stand-alone NDA and just incorporate it into your operating agreement--you can include anything you want in the operating agreement.


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