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CONROE BUSINESS ENTITY FORMATION LAWYER
SMITH & GARG - CONROE BUSINESS ENTITY FORMATION LAWYERS
If you're ready to start your own business, you're one of millions of people around the country who are somewhere in the process of chasing their dreams. You're about to take a courageous step, as there are risks and financial sacrifices that you will be faced with, and thus many decisions have to be made. Perhaps the most important decision is the structure of your company. Different types of entities offer different advantages and disadvantages, which will ultimately be based on what your corporate objectives are. In order to make sure that you're making the right decisions, you need to contact the Conroe business entity formation lawyers at Smith & Garg for a consultation. These experienced and skilled legal professionals will help you review, and analyze what your personal goals are, and after exploring all potential issues, the Conroe business entity formation lawyers at Smith & Garg will discuss with you the best way to achieve your goals today and in the future.
Below is a list of the different types of entity formations available to you in the state of Texas, which is just a brief glimpse into the structural formalities that you would need to comply with, however you will need to present the particular facts and objectives surrounding your company in detail to a Conroe business entity formation lawyer at Smith & Garg to make sure that everything is kept in mind - structure, tax consequences, liability, etc.
SOLE PROPRIETORSHIP
A sole proprietorship is the simplest form of business to own and operate. Basically, this is the entity for you if you're going to be the only owner, and if all of the income generated from this venture will go to you. The tax consequences are simple, in that you'll only need to file one return, but the downside is that you are also personally liable for any tort or contractual liability you incur.
PARTNERSHIPS
A partnership, as defined by the Texas Revised Partnership Act (TRPA), is an association of two or more individuals with the intent to carry on a business as co-owners for profit. There is no requirement that the parties subjectively intend to form a partnership, but only that they have a common goal to run a business together as co-owners. A partnership is considered to be a separate entity distinct from the partners themselves. Essentially, the implication of such is that real or personal property can be purchased in the partnership name, or a partnership can sue and be sued in the partnership name. Due to the fact that that a partnership results from agreement, contract law governs the formalities with regards to formation. The partnership agreement may be express or implied by the conduct of the parties, as it is not essential for the agreement to be in writing. More...
LIMITED LIABILITY PARTNERSHIPS (LLP)
LLP stands for limited liability partnership, which is a creation of the Texas legislature. The major benefit of operating as an LLP is that the partners are not personally liable for the negligent acts of other partners or partnership employees. Another benefit of operating as an LLP is that the partners are not personally liable for the contractual obligations of the LLP. To become an LLP, an application must be filed with the secretary of state along with a statutory fee which is calculated on a per partner basis. More...
LIMITED PARTNERSHIPS
A limited partnership consists of one or more general partners and one or more limited partners. This type of partnership differs from a general partnership in two distinctive ways: (1) a limited partnership was unknown at common law and evolved through specific statutory authority; and (2) the liability of a limited partner for partnership debts is generally limited to the investment that he/she contributed to the partnership. The governing body of law for the state of Texas and almost all other states in dealing with this type of partnership/entity is called the Revised Uniform Limited Partnership Act of 1975, also known as RULPA. The RULPA is the primary resource with regards to all issues dealing with limited partnerships. However, where the RULPA does not provide an applicable rule, the courts fall back on the TRPA. More...
LIMITED LIABILITY COMPANY (LLC)
A limited liability company ("LLC") is a hybrid entity that is neither a partnership nor a corporation; however it contains a combination of features from both types of entities. The individuals that own and make up an LLC are called its "members". An LLC may have one or more members that may be an individual, a partnership, a limited partnership, an LLC, a foreign LLC, a trust, an estate, a corporation, a custodian, a trustee, an executor, an administrator, a nominee, or an entity in a representative capacity. More...
CORPORATIONS
A corporation can be described as a distinct legal entity which is a creation of the state charter. Typically, corporations are formed for profit, but they may also take on the character of a nonprofit organization. The Texas Business Corporations Act (TBCA) is the governing authority when it comes to organizing corporations for profit. Specifically, the TBCA provides the formal requisites for general corporations publicly traded, general corporations not publicly traded, and close corporations. There are many advantages to forming a corporation. Some of these advantages of the corporate form include the following: (1) the shareholders or owners have limited personal liability for corporate debts and obligations, and are ordinarily subject to lose only their investment in shares; (2) for the most part, the shareholders may freely transfer their ownership rights to others; (3) the corporation may have perpetual life; and (4) the corporation generally has a regular process for management decision-making which has been established by statute. More...As you can see, there is a lot to consider when you start a business. For a complete set of answers to your structural questions, contact the Conroe business formation lawyers at Smith & Garg immediately to schedule an initial consultation.
Please contact our office to see how we can assist you. Learn more about our Areas of Practice.