Setting Up Your Business for Long-Term Success
If you’re like most entrepreneurs in this state, the dreams you have for your business are as big and wide as the Texas sky. Starting a business carries some amount of risk, too, so of course you’re looking for any tool available to minimize that risk.
We have a great deal of experience helping entrepreneurs form legal frameworks for all types of companies. There are numerous types of legal structures available for businesses; the structure that works best for you may not be what works for another entrepreneur. A few of the business structures we can help you set up include:
- Limited liability company: This business structure is appealing to many entrepreneurs because it is often regarded as a “hybrid” type of business. In the context of LLCs, this means that an LLC combines elements of a corporation (limited personal financial liability) and sole proprietorship (pass-through taxation).
- Limited partnership: It is quite common for business owners and aspiring entrepreneurs to go into business with one or more friends, family members, or business associates. Sometimes, one of these business partners only wants to put up startup capital for the business and doesn’t wish to operate the business. In this situation, you’ll want to consider forming a limited partnership.
- Corporation: This is the business type with the most complicated governance structure. Accordingly, it is also the most complex to set up with the state of Texas. Despite all the nuances and complexities, it is the right structure for many entrepreneurs—especially those who wish to grow the company across the nation (and, perhaps, world).
There are many other types of businesses you may form in Texas. Some structures do not require you to file documents with the state, but you should not make that decision without consulting an experienced legal team like we offer here at Albright & Lumpkin.
Ready to get started on your business future? Contact us to set up an appointment.
