Residents and new businesses in North Texas may want to learn more about how a Limited Liability Company (LLC) is viewed by the Internal Revenue Service (IRS). According to the IRS, each state has different regulations regarding this type of business structure. What...
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Business Formation
Choosing among different types of business entities
A business entity is created for the purpose of managing a Texas business's activities. The type of entity defines the structure of the business, the extent of liability for the owners and the types of taxes to pay. Sole proprietorship A sole proprietorship is the...
Using an LLC operating agreement can be essential for guidance
Creating an operating agreement (also called a company agreement) is essential if you're starting a limited liability company (LLC) in Texas. Knowing how to write one and what to include in it should guide and safeguard you from legal challenges. Having an LLC...
What are the tax treatments of LLCs?
LLCs are usually treated as pass-through entities by the IRS. An LLC itself doesn't pay taxes, only the people working for it so - the members of the LLC pay taxes on their share of the profits. However, members can decide to pay have the LLC taxed as a corporation...
What legal entities can be used when forming a new business?
Forming a new business in Texas can be an exciting time, but it requires you to fulfill several necessities. One of the matters you must address to operate legally is choosing a business structure. Deciding on the appropriate one is based on factors such as the...
How does the IRS view an LLC?
A limited liability company, or LLC, has a wide range of functions and benefits to its owners, also known as members. Choosing the right type of business entity in Texas affects how your profits and losses are taxed and allocated. There are several factors to consider...
How does a family limited liability company work?
Do you have a family business in Texas? Forming a family limited liability company (LLC) may be the ideal business structure for your needs, especially if your business continues to grow. What is a family LLC? A family LLC is a subtype of a limited liability company...
What are the three types of business partnerships?
Forming a partnership in Texas is a good way to take advantage of pooled strengths among professionals who have a common business interest. It is important to develop a thorough agreement between you and your partners that defines the terms and goals of your...
Common types of business entities
In recent years, the LLC business entity has become one of the most popular throughout the United States. This type of entity helps to protect Texas business owners from being held personally liable for any of the business's liabilities. However, an LLC is not always...
Why should you consider filing taxes as an S corp?
Texas businesses that are just getting started have a lot of choices to make. One of the most important is what entity they will establish their business underneath and whether they decide to use an S corp filing. Most people are not familiar with the S corp filing,...
