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A limited liability company, or LLC, is a business entity that is formed under state law that combines characteristics of a corporation and a partnership. They are similar to corporations in that an LLC’s members are not liable for the debts of the business, provided that certain formalities are observed. Like a partnership, an LLC can be treated as a pass-through entity for tax purposes, meaning that any business income received is taxed on members’ personal tax returns.
In Texas, forming an LLC involves filing a Certificate of Formation with the Texas Secretary of State’s Office. The Certificate of Formation must contain the following information:
The main advantage of forming a limited liability company is that you and any other members of the LLC cannot be held personally liable for any debts incurred by the business. There are additional advantages as well, such as the ability to conduct business as a LLC, which often lends an air of legitimacy with potential clients or customers or the ability to open a business bank account to keep business and personal assets separate.
Yes. Texas law allows for single-member LLCs, and they are an excellent option for people who are currently operating as a sole proprietorship but would like to take advantage of the liability protections offered by an LLC. For tax purposes, the Internal Revenue Service (IRS) treats single-member LLCs as disregarded entities, meaning that all profits and losses pass through to the LLC’s owner.
There is no requirement that you form an LLC with the assistance of a lawyer, but it is highly advisable to do so. A lawyer can help you determine whether an LLC is right for you, whether it should me member-managed or manager-managed, file paperwork on your behalf, and draft an operating agreement that can reduce the risk of litigation or other problems down the road.
An LLC is an excellent option for many businesses, as it provides flexibility and protects its members form personal liability for business assets. Attorney Andrew Weisblatt is a business lawyer in Houston who provides a wide variety of legal services, including entity formation, business to business collections, general business advising, business representation, and contract drafting, just to name a few. To schedule a consultation with Mr. Weisblatt, call our office today at 713-666-1863 or send us an email through our .