Starting and growing your business is a continuing process that involves a number of important decisions along the way. When you have an experienced Harris Cook Business Formation Attorney working with your team, your mission has a far greater chance of success than if you try to do this alone. Our attorneys know and understand the potential scope of a business operation and will help you create a sound map for success, based on your goals, business laws and other elements that affect business success.
Harris Cook, LLP, Business Formation Attorney
When we work with clients on business formation, a major goal is protecting personal assets. This is a primary reason why many business owners choose to form business entities such as Corporations or Limited Liability Companies (LLCs). These business structures also give you tax benefits that you might not qualify for if your business remains a sole proprietorship or a general partnership. Our Harris Cook, LLP, Business Formation Attorneys work closely with clients and their tax advisors and help them make important business formation decisions. We provide legal advice and representation for all business formation issues, including structure, liability and litigation.
In Texas, a Corporation or LLC is viewed by the courts as a separate and unique entity. This is a major advantage to moving up to this business structure. In addition to that benefit, you can be the sole owner, or have shareholder owners. The corporation is enduring, operated by directors. You will have certain requirements to fulfill, such as holding regular director and shareholder meetings, keeping logs and other special books of record. Another benefit to your directors and shareholders is that their personal liability can be limited.
For some businesses, formation as an LLC (Limited Liability Company) is an excellent choice. This entity has many benefits, such as limiting liability of members to their investment amount. It has the power of both a partnership and a corporation, and owners are called members instead of shareholders.Direction may be provided by any or all members or managers, depending on the way the LLC is set up. In addition, a member can be an individual, a partnership, or other legal entity such as trusts or corporations. A single member LLC’s income generally "flows through" to the owner’s income. For multiple member LLCs, tax advantages are the same as partnerships enjoy.
Texas Business Structure Regulations
It is in your best interest to have our experienced Harris Cook Business Structure Attorney help you establish your Corporation or LLC. If you do not operate your entity to meet state and federal requirements, you could miss out on all the benefits you planned on, as well as be subject to liability if you are involved in litigation.
There are also other business entity forms that may be appropriate in certain situations. Contact Harris Cook, LLP, in Arlington, Mansfield or Flower Mound, TX, today for answers to your questions about forming Corporations or LLCs (or other business entities). Call us now for your free consultation, at 817-789-6842.