Thomas Finley Lawyer

Basic Texas Business Entities

Limited Liability Company LLC is the most common entity requested recently.  Subchapter S corporation and limited partnership are also common Texas business entities in my Waco law office.  The Texas Business Organizations Code (BOC) has been applied to all Texas corporations, partnerships, LLCs, and other domestic and foreign filing entities registered to transact business in Texas. The BOC applies regardless of an entity’s formation date or whether the entity has taken affirmative steps to adopt the BOC.

New business owners make many crucial decisions, including selecting the entity type of their new business. This decision can be changed later, but it would be cost-efficient to make the right and best decision the first time.

Waco business owners should know the types of entities and then coordinate with an attorney and accountant regarding the best entity choice.  We advise business owners read the information found on the Internal Revenue Service’s Business Structures page about tax considerations when starting a new small business.  Attorney Thomas P. Finley, Jr. does not give tax advice.