While the Coronavirus (COVID-19) was disrupting everyone’s lives, Palmer Lehman Sandberg worked to achieve a balance – continuing to take care of our clients’ legal needs, while protecting our clients, our employees, and our community (local and nationwide).

As Texas has begun to reopen, Palmer Lehman Sandberg has adjusted accordingly.

  • We are available for in-office meetings, with the following protections in place – while in our building and our office common areas (lobby, elevators, hallways, etc.), visitors must wear face coverings, and maintain social distancing (minimum 6’) as much as possible.
  • We continue telephone and video conferencing in place of face-to-face meetings, for those who prefer it.

As we continue to serve you, we wish everyone safety and good health as together we move forward through these uncertain times.

Please reach out to anyone at our firm via email or phone with any questions or concerns.

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Considerations in choosing a business structure

| Jun 11, 2019 | Business Formation |

When you create a small business in Texas, you have choices as to what structure it will have. At Palmer & Manuel, we know that there are so many different ways of forming a new business that it may be difficult to decide which structure is best. 

Both your situation and your long-term goals can assist you in deciding on a business structure. According to FindLaw, the following criteria may be helpful considerations in reaching a decision in that regard. 

Procedures and expenses

Starting a corporation or a limited liability company involves a lot of paperwork and special fees, meaning that they are both complicated and expensive to set up. On the other hand, sole proprietorships and partnerships are easier to set up. Often, there are no fees involved, and little to no paperwork.

Liability

However, the ease of setting up a partnership or sole proprietorship comes with a price. If your company incurs business debts, you are personally responsible for paying them, meaning that even assets not related to your business could be at risk. Though corporations and LLCs are more difficult and expensive to set up, they afford you protection from personal liability.

Investment needs

A corporation is the only type of business structure that allows you to sell stocks in your business that provide others with a share in its ownership. Providing others with a stake in your company reduces the amount of control you have over it, but it can also offer advantages. For example, offering employees a stake in the business can aid retention. 

The best structure for your company depends a great deal upon your unique situation. More information about business formation is available on our website.

 

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