Business Entity Formation
In today’s financial environment, where jobs are not always as readily available as we would like, more and more people are either choosing to start their own business or are being pushed in that direction by necessity. Sometimes, it’s o.k. to start and operate a business as a sole proprietorship, with little or no distinction between oneself and one’s business. However, there are also some disadvantages to operating a business as a sole proprietorship that can potentially be addressed through the formation of a business entity.
A number of Texas business statutes provide for the formation and conduct of various business entities that can help address the issues that confront all business owners, including, but not limited to, questions regarding; (i) personal liability for business debts; (ii) assignment of managerial powers and responsibilities; and, (iii) division of business assets and liabilities upon winding up the business. These issues (and more) are addressed in different ways by the wide variety of business entity forms available, such as; partnerships, limited partnerships, corporations, limited liability companies and professional limited liability companies, just to name a few.
The Cronfel Firm has experience in assisting clients with a wide variety of business entity formations. We can help you determine what business entity best suits your needs, how to properly file that entity with the State of Texas, how to maintain proper record-keeping procedures, and all other aspects efficient operation of your business entity.
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