business formation in texas
In Texas, as with most states, businesses can be created and operated in a number of ways. The decision regarding which business structure is best suited for your purposes should be made by consulting with an attorney and considering issues such as taxation, liability, management, transferability of ownership interest, and formality of operation taken into account.
types of business structures
Generally, businesses are created and operated in one of the following forms:
- Sole Proprietorship: The most common and simplest form of business entity.
- General Partnership: Created when two or more persons associate to carry on a business for profit.
- Limited Partnership: A form of business entity having one or more general partners and one or more limited partners.
- Limited Liability Partnership: Either a general partnership or a limited partnership that carries the minimum amount of Errors and Omissions Insurance and offers limited protection to the general partners.
- Corporation: A legal entity characterized by limited liability, centralized management, perpetual duration, and ease of transferability of ownership.
- Limited Liability Company: A distinct type of entity with characteristics of both a corporation and partnership.
the farah law firm can help you choose the best option for your business
The attorneys at The Farah Law Firm in Arlington, TX have years of experience forming and operating different business structures and are available to draft your formation documents to suit your individual needs. Contact one of our attorneys for a consultation to ensure that you choose the business structure that best protects your interests and suits your needs.