Forming an LLP, S Corp or LLC in Texas
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Texas Legal Entities - Helping You Get Started on Your Dreams
If you're ready to start a business, you obviously have a lot of thoughts running through your head. Aside from all of your business ideas, you need to make a decision in regards to what the structure of your business entity will be. Forming an LLP in Texas is one idea, as is forming an S Corp or an LLC. Below we'll provide you with a brief introduction to each type of business entity to get you started.
Forming an LLC in Texas - The Basics
Forming an LLC in Texas carries with it several advantages, but also a few disadvantages when compared to other structures, depending on your situation. The biggest advantage of forming an LLC in Texas is that you are personally shielded from liability for acts that concern your business. Secondly, forming an LLC in Texas will also provide you with tax advantages, in that you won't be "double" taxed.
Forming an LLP in Texas - The Foundation
Forming an LLP in Texas also comes with several advantages, but again, that depends on the particulars of your situation. Forming an LLP in Texas allows for equitable shares of ownership to be maintained, in that you will own a percentage of the company based upon the percentage of the total amount invested that you contributed. You will also be entitled to direct access to the flow of income and expenses.
Forming an S Corp in Texas - A Creative Option
Forming an S Corp in Texas is perhaps the most creative and unique choice of any type of business structure. Forming an S Corp in Texas means that you are seen as a traditional corporation, and you get to be shielded from personal liability, but you also avoid the double tax associated with traditional corporations, in that the profits pass through to your personal income taxes. Forming an S Corp in Texas is often a wise decision if you're going to be around for the long-term.
Overall, there are many ways you can come to a decision in regards to your business structure. If you'd like individualized guidance as you work towards this decision, contact us for a consultation.
At any time, please feel free to ask us a question. It's FREE!
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