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What is a Sole proprietorship?

Question: What is a Sole proprietorship? Answer. The most common and the simplest form of business is the sole proprietorship. In a sole proprietorship, a single individual engages in a business activity without necessity of formal organization. If the business is...

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What is an “S” Corporation?

Question: What is an "S" Corporation? Answer: An “S” corporation is not a matter of state corporate law but rather a federal tax election. A for-profit corporation elects to be taxed as an “S” corporation by filing an election with the Internal Revenue Service. For...

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What is a Texas Limited Partnership?

Question: What is a Texas Limited Partnership? Answer: A Texas limited partnership is a partnership formed by two or more persons and having one or more general partners and one or more limited partners. The limited partnership operates in accordance with a...

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What is a DBA and when do I need one?

Question. What is a DBA and when do I need one? Answer. A DBA is short for "Doing Business As." This is a legal declaration that your company is doing business another another name. For example, ABC Corporation d/b/a ABC Trucking. In Texas, the DBA is often referred...

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What is a Limited Liability Company?

Question: Answer: A Texas limited liability company is created by filing a certificate of formation with the Texas Secretary of State. The Secretary of State provides a form that meets minimum state law requirements. The limited liability company (LLC) is not a...

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What is a Corporation?

Question: What is a Corporation? Answer: A Texas corporation is created by filing a certificate of formation with the Texas Secretary of State. The Secretary of State provides a form that meets minimum state law requirements. A corporation is a legal person with the...

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What is a General Partnership?

Question: What is a General Partnership: Answer: A general partnership is created when two or more persons associate to carry on a business for profit. A partnership generally operates in accordance with a partnership agreement, but there is no requirement that the...

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