Where Do I Register My Business In Dallas Texas

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Selecting a Business Structure

The decision regarding business organization structure is a conclusion that a person should make, in consultation with an attorney and accountant, and taking into consideration issues regarding tax, liability, management, continuity, transferability of ownership interests, and formality of operation.

Mostly, businesses are created and operated in one of the following forms:

• Sole proprietorship: The virtually mutual and the simplest form of business is the sole proprietorship. In a sole proprietorship, a unmarried individual engages in a concern activity without necessity of formal organization. If the business is conducted under an assumed name (a proper noun other than the surname of the individual), and so an assumed proper name document (unremarkably referred to equally a DBA) should exist filed with the office of the canton clerk in the canton where a business concern premise is maintained. If no business premise is maintained, then an assumed name certificate should exist filed in all counties where concern is conducted nether the causeless name.

• Full general partnership: A full general partnership is created when two or more persons associate to carry on a business for profit. A partnership generally operates in accordance with a partnership understanding, but there is no requirement that the agreement be in writing and no state-filing requirement. If the business of the partnership is conducted under an assumed name (a name that does not include the surname of all of the partners), then an assumed name certificate (commonly referred to as a DBA) should be filed with the office of the county clerk in the canton where a business premise is maintained. If no business premise is maintained, then an assumed name certificate should be filed in all counties where business is conducted under the assumed name.

• Corporation: A Texas corporation is created past filing a document of formation with the Texas Secretary of Land. The Secretary of State provides a form that meets minimum state law requirements. Online filing of a certificate of formation is provided through SOSDirect.

  A corporation is a legal person with the characteristics of limited liability, centralization of management, perpetual duration, and ease of transferability of buying interests. The owners of a corporation are chosen "shareholders." The persons who manage the business and affairs of a corporation are called "directors." However, state corporate constabulary does provide for shareholders to enter into shareholders' agreements to eliminate the directors and provide for shareholder management. Choosing the all-time direction structure for your corporation is a conclusion you make with the communication of an chaser. The Secretarial assistant of Country cannot assistance y'all.

  An "Due south" corporation is non a matter of country corporate law just rather a federal taxation ballot. A for-turn a profit corporation elects to exist taxed equally an "Due south" corporation by filing an ballot with the Internal Revenue Service. Delight contact the IRS or competent tax counsel regarding the conclusion to be taxed as an "South" corporation and the requirements for filing the election. This is not a matter with which the Secretary of State may assist.

• Express Liability Company: A Texas limited liability visitor is created past filing a document of formation with the Texas Secretary of State. The Secretary of State provides a form that meets minimum state police force requirements. Online filing of a document of formation is provided through SOSDirect.

  The limited liability company (LLC) is not a partnership or a corporation but rather is a singled-out type of entity that has the powers of both a corporation and a partnership. Depending on how the LLC is structured, it may be likened to a full general partnership with express liability, or to a limited partnership where all the owners are free to participate in management and all accept limited liability, or to an "S" corporation without the ownership and tax restrictions imposed by the Internal Revenue Code. Unlike the partnership, where the key element is the private, the essence of the limited liability visitor is the entity, requiring for its creation more formal requirements. one William D. Bagley & Phillip P. Whynott, The Limited Liability Company, §two.ten, (second ed. 2d rev. James Publishing, 1995).

  The owners of an LLC are called "members." A member can be an individual, partnership, corporation, trust, and whatsoever other legal or commercial entity. By and large, the liability of the members is limited to their investment and they may enjoy the pass-through tax handling afforded to partners in a partnership. Every bit a event of federal tax classification rules, an LLC tin attain both structural flexibility and favorable revenue enhancement treatment. All the same, persons contemplating forming an LLC are well advised to consult competent legal counsel.

  A limited liability company tin can be managed by managers or by its members. The management structure must be stated in the certificate of formation. Management structure is a conclusion that is fabricated by the LLC and its members. The Secretary of Country cannot give advice about management construction.

• Limited Partnership: A Texas limited partnership is a partnership formed past 2 or more persons and having i or more than full general partners and one or more limited partners. The limited partnership operates in accordance with a partnership agreement, written or oral, of the partners equally to the affairs of the limited partnership and the comport of its concern. While the partnership understanding is not filed for public record, the limited partnership must file a document of formation with the Texas Secretary of State. The Secretary of State provides a form that meets minimum land law requirements. Online filing of the certificate of formation is provided through SOSDirect.

• Limited Liability Partnership: In order to limit the liability of its full general partners, a general or express partnership may opt to annals as a express liability partnership. The Secretarial assistant of Country provides a grade for registration as a limited liability partnership. Online filing of the registration is provided through SOSDirect.

The information on this page should not be considered a substitute for the communication and services of an attorney and taxation specialist in deciding on the business concern structure.

Source: https://www.sos.state.tx.us/corp/businessstructure.shtml

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