Starting A Business? Find Out Which Entity Type Is Best For You
If you are considering starting a small business, you're most likely trying to sort out the different types of businesses and trying to decide which type is best for you.Read More
What Is A Limited Partnership?
A limited partnership is just another type of partnership. It is different from a general partnership because it has both general partners and limited partners. A limited partnership is also considered a distinct entity from its partners.Read More
What Is The Difference Between An LLP And An LLC?
Although they have similar names, an LLP (limited liability partnership) and an LLC (limited liability company) are different types of business structures.Read More
What Is A Subchapter-S Corporation (S-Corp) And Do I Need It?
Oftentimes, I have clients come to me asking for an S-Corp, not knowing what this really means. An S-Corp is not a different form of corporation, but rather a special tax treatment of one or more standard Texas corporations. The incorporation with the Texas Secretary of State actually has nothing to do with the S-Corp status.Read More
Are Your Personal Assets Really Protected If You Incorporate?
A primary reason for incorporation is to protect your personal assets from claims of creditors of the business. You want to be able to keep your personal assets if you cant pay the bills of the business, or have some other large liability claim against the business not covered by insurance.Read More
What Is A Sole Proprietorship?
A sole proprietorship is a business operated by one individual (or a couple). The business is considered an extension of the individual (or couple), not a separate entity. The business profits and losses are included on the individual's personal tax return, and the individual retains personal liability for the business debts and lawsuits.Read More
What Is A Corporation And What Are The Benefits?
A corporation is a separate legal entity from its owners. A corporation can be owned by one person or many people. The corporation is formed under the laws of the state in which it is operating, with Articles of Incorporation or Certificate of Formation.Read More
To Incorporate or Not to Incorporate - That is The Question
Limiting potential personal liability of investors or owners is often the biggest consideration favoring incorporation or LLC formation. These two entities limit the exposure to liability of investors or owners for business debts or liabilities to the amount invested and protect other personal assets of the investors from those debts.Read More