LLC / LLP buddies in Texas

[Logan_TX]

My buddies set up an LLC with buddy#1 owning 51% and buddy#2 owning 49% to manufacture alcoholic drinks. The business is at a stage whereby urgent capital infusion is needed. Because buddy#1 credit is over-extended and buddy#2 not employed, the bank advised that in order to obtain financing they would need credit worthy partners to co-sign the loan. So we buddies # 3, 4, 5 decided to become partners and help our friends in accordance to these percentages.

Buddy#1 = 25%
Buddy#3 = 25%
Buddy#4 = 25%
Buddy#5 = 25%

Buddy#2 is out for now since he can't sign a loan.

Question: What are the legal implication of adjusting the LLC's
ownership percentages from the current 51/49 to 25/25/25/25 with respect to the State of Texas? Does it matter to the Texas Secretary of State's office how the percentage ownership is broken down? I asked the SOS office and they replied to consult an attorney. I just want to have an idea of how to proceed. Also, what would be the legal implications should we wish to change change from an LLC to an LLP? What paper works are necessary. Thank you all for your help.

[Barkri12]

The State of Texas formed over 69,000 new limited liability companies in 2007 alone. This number is staggering. While every state has generally been experiencing LLC formation growth, the Texas increase is much more significant than others.

Now, Texas is a large state and a popular one for entrepreneurship. But, the TX lawmakers have focused on consistently improving the Texas LLC laws every year (called the TX LLC Act) to ensure that the limited liability company remain simple enough yet flexible enough for any small business in the state.