The Limited Liability Company, or LLC, is a legal business structure that seeks to combine advantages from across several other traditional business forms. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is viewed more like a sole proprietorship or partnership for tax purposes. Like a corporation, a LLC can have unlimited shareholders, called members. But a main difference is if one of these shareholders dies or files for bankruptcy, the LLC is dissolved and will stop operations unless the remaining members form a new LLC. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in Texas, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
In Texas, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable Texas laws govern the formation of LLC's and their actions. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
A business in Irving may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Texas laws.
How Can an Attorney Help?
Lawyers practicing business law in Texas can advise you on whether it would be favorable for your business to form or convert to a LLC.
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