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 partnership or a corporation but rather is a distinct type of entity that… [Read More]

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 characteristics of limited liability, centralization of management, perpetual duration, and ease… [Read More]

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 agreement be in writing and no state-filing requirement. If the business of the… [Read More]