Limited Liability Company: A limited liability company (LLC) is not a partnership or a corporation. An LLC is a distinct type of entity that has the powers of both a corporation and a partnership. LLCs are very common these days and we definitely set up more LLCs than any other business structure. The owners of…
Corporations. Most people are familiar with big corporations that make products or provide services we all regularly use, such as Ford and American Airlines. However, the corporate business structure is also available to individuals. In Texas, a corporation is created by filing a Certificate of Formation with the Texas Secretary of State and paying the…
As mentioned in Part 1, two other typical business structures in Texas are the “general partnership” and “limited partnership.” A general partnership is created when two or more persons associate to carry on a business for profit. There is no law in Texas mandating that the “partners” sign a written partnership agreement and there are…
You have decided to start a new business and realize that no matter what your business does, creates or builds, you of course have no desire to be exposed to personal liability if something does not go as planned. Unfortunately, there is no 100% guaranteed “iron clad” (not a legal term, but we hear it…
We have seen numerous reports that homeowners are active on home improvement and remodeling projects during the Covid-19 pandemic. North Texas seems to be one of the especially active regions for remodel work. This is of course great news for both remodelers and homeowners. However, given the ongoing concerns about Covid-19 and the fact that…
