Thomas P. Finley’s law firm provides legal assistance for business formations and choosing a business entity in Waco, TX, including:
Deciding on a business structure is one that a person should make in consultation with an attorney and accountant. You should also consider issues regarding liability, tax, continuity, management, the formality of operation, and transferability of ownership interests. An excellent source of information on selecting a business structure is available from the Texas Secretary of State’s website.
You can also find important references for basic federal tax information for starting a small business on the Internal Revenue Service’s website. Another valuable source for tax information in Texas can be found on the Texas Secretary of State website’s Employer and Tax Information page.
Thomas P. Finley does not give tax advice of any kind. We advise clients to seek a tax advisor for those issues before choosing the structure of the new entity. You may seek a recommendation for a certified public accountant (CPA) from Waco business lawyer Thomas P. Finley, Jr. to help you with tax issues.
Business owners often look to form an LLC, corporation, or partnership for their existing or new business. Waco business lawyer Thomas P. Finley, Jr. regularly assists existing and new business owners with legal matters related to forming a company, whether they want to operate as a closely held business, partnership, LLC, limited partnership (LP, Ltd.), or corporation (Subchapter S or Subchapter C).
Waco business lawyer Thomas P. Finley, Jr. collaborates closely with business owners in forming their business entity, so he can determine the best solution to meet the goals and objectives of clients’ new businesses. Contact Waco business lawyer Thomas P. Finley, Jr. to discuss your business formation. Below are the most requested Texas business entities he was asked to form in his law office.
Since the mandatory application date of January 1, 2010, 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.
A business owner should familiarize himself with the types of entities and then coordinate with an attorney and accountant regarding the best entity choice, considering the business owner’s planning and long-term goals. We advise business owners to read the information found on the Internal Revenue Service’s Business Structures page about tax considerations when starting a new small business.
With an accountant’s help and advice, business owners can select different options for the tax treatment of their LLC. The LLC is an individual entity in which all of its owners, called members, have liability protection from the LLC’s operations. Dallas and Waco business lawyer Thomas P. Finley, Jr. works together with business clients and their accountants to form LLCs in Texas.
Limited partners invest in the LP without liability risk beyond their initial contribution as outlined in the LP agreement. Dallas and Waco business lawyer Thomas P. Finley, Jr. assists clients in the business entity formation for the general partner, the formation of the Limited Partnership, and the drafting of the LP agreement.
The S corporation is a regular corporation for state law purposes. Under the Subchapter S of the Internal Revenue Code, this type of corporation is a device used commonly by close corporations in which the shareholders have elected to be an S corporation and, therefore, a partnership for income tax purposes. It is advisable that the shareholder’s accountant make this election. The corporation itself is subject to taxation on its income unless the business entity and its shareholders make the election to be an S corporation.
The federal income tax law sets very technical rules for S corporations in terms of the qualification and maintenance of S corporation status. S corporation shareholders are generally not liable for claims and debts against the corporation. This is unless the shareholders have otherwise agreed to be obligated for such debts by personal guarantees. Dallas and Waco business lawyer Thomas P. Finley, Jr. works with business clients and their accountants devising S corporations in Texas.
A corporation can have a continuous existence, unlike a sole proprietorship or partnership. As a general rule, a shareholder’s death or the sale of stock by one owner to another will not affect the business operation’s continuity. Corporate shareholders are also not liable for claims against the corporation exceeding the amount of their individual investment. Dallas and Waco business lawyer Thomas P. Finley, Jr. regularly assists small business owners in the formation of corporations in Texas.
Each partner individually, and the partnership as a separate entity, is jointly and severally accountable for the partnership’s debts and obligations and breaches of trust or wrongful acts by other individual partners. Dallas and Waco business lawyer Thomas P. Finley, Jr. drafts partnership agreements for general partnerships.
Sole proprietors often contact Dallas and Waco business lawyer Thomas P. Finley, Jr. to seek legal assistance in forming a new business entity, including an LLC, LP, or corporation, for their existing sole proprietorship business. This is to allow for future growth and get additional liability protection.
Read FAQs about the formation of Texas business entities on the Office of the Texas Secretary of State website.
Call or email Dallas business lawyer Thomas P. Finley, Jr. to seek consultation about your new business formation.
An entity’s registered agent is an agent of the entity on whom may be served any process, demand, or notice permitted or required by law to be served on the entity. According to Section 5.201(b) of the Texas BOC, registered agents designated on or after January 1, 2010, must have consented to serve in that capacity in a written or electronic form developed by the Office of the Secretary of State. Click here to download the form.
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