Blog

Three key factors that go into making the decision of whether to incorporate or not are; Liability Protection For Personal Assets, Income Tax Pros & Cons, Business Management Pros & Cons.

A common misconception about prenuptial and postnuptial agreements is that they are only desired by wealthy, greedy individuals. Truthfully, many couples benefit from having such an agreement in place.

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.

Although they have similar names, an LLP (limited liability partnership) and an LLC (limited liability company) are different types of business structures.

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.

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.

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.

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.

Is there more than one type of probate? In Texas, there are two broad types of probate.

How long does the probate process take? Well, it depends on a number of factors.