Limited Liability Company (LLC) A limited liability company (LLC) in Houston is defined as a domestic business organization subject to Texas’ laws, or the state’s laws where it was incorporated. An L.L.C. is one of the most popular types of business structures and is not classified as a partnership or a corporation. The owners of an LLC have limited personal liability for any debts or liabilities the business may accrue. Additionally, LLCs have management flexibility and pass-through taxation. Pass through taxation means the L.L.C. is only taxed once, such as in the form of partnerships, where the LLC is not directly taxed, but instead the tax burden is passed on to the members of the L.L.C., who then pay the taxes on their individual share of profits. Generally, this results in a smaller tax burden than in other forms of business entities. Houston LLC AttorneyIf you want to create a Limited Liability Company (L.L.C.) in Houston, or any of the surrounding areas in Texas, including Spring, Humble, Tomball, Aldine, Atascocita, Klein, Jersey Village, The Woodlands, Conroe or Oak Ridge North, contact the law offices of Wilhite & Associates, P.C. The attorneys at Wilhite & Associates are experienced in Texas business law and will help you create the best business entity for your particular situation. Call Wilhite & Associates at (281) 537-2171 about creating a limited liability company. Limited Liability Company in Houston Anyone who participates in an L.L.C. is not considered to be a part of the business, and is only considered an owner of the business. Therefore, the LLC is viewed as operating itself, so the business is solely liable for any debts. Under the Texas Business Organizations Code § 101.144, the owners and members of an LLC are not responsible to repay any debts, obligations or liabilities of the company. The owners of an LLC are called members, and can include individuals, corporations, trusts, partnerships, other LLCs, other legal entities, other commercial entities and foreign entities. There can be any number of members in an LLC, but there must be at least one member, according to the Texas Business and Organizations Code § 101.101. Anyone can become a member of an LLC, and the members of an LLC are not required to do any of the following if they become a member:
According to the Texas Business Organization Code § 101.105, after the company has been formed, the LLC can issue membership interests to anyone as long as all of the existing members approve admitting the new member. Additionally, a member of the LLC cannot withdraw from the company or be expelled by the other members from the LLC. However, a member of an LLC can assign their interest in the company to another person. As stated in Texas Business Organizations Code § 101.201, the profits and losses of a Texas LLC in Texas are generally allocated to each member on the basis of the value of their contribution to the LLC. Creation of an LLC in Houston In order to form an LLC in Texas, the members of the LLC must first enter into a partnership agreement and file certificate of formation with the Texas Secretary of State. The partnership agreement regulates the daily activities of the business, and may be amended or repealed by the members. The certificate of formation, or articles of incorporation, includes:
A registered agent is anyone who can be served with process on behalf of the LLC. This person is designated as an agent or representative of the company. Additionally, the certificate of formation must include the management structure. The management structure states whether managers or members will be in charge of the company’s daily operations, and also states the relationship, responsibilities and duties of all members, managers, officers of the company, assignees of a membership interest in the company, and the actual LLC. Drawbacks of a Houston LLC Although a limited liability company is generally perceived to include the best qualities of a corporation and partnership, this type of business organization is still subject to some disadvantages. These can include:
Wilhite & Associates, P.C. | Houston L.L.C. Lawyer Contact Wilhite & Associates, P.C. today for a consultation about creating a limited liability company in Harris County in Texas. Attorney C. Wilhite Law of Wilhite & Associates is an experienced business lawyer in Houston who will help you identify your best business entity option and follow the correct procedures and guidelines to create your business in a swift manner. Contact Wilhite & Associates, P.C. at (281) 537-2171 for a consultation about creating an L.L.C. throughout Harris County, and the surrounding areas of Montgomery County, Washington County, Grimes County, Fort Bend County and Waller Count. |
|
The hiring of a personal injury attorney or other civil law attorney is an important decision that should not be based solely upon advertisements. Before you decide which Houston attorney to hire for your case, ask us to send you free written information about our legal experience and qualifications. This site is sponsored by George W. Wilhite, P.C. Our principal office is located in Harris County, Texas at 17101 Kuykendahl Rd., Houston, TX 77068. The information provided on this website is for general information purposes only. The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your own particular situation. The content of this site, including but not limited to written text, images, videos, and informational articles, has not been prepared, endorsed, or reviewed by any form of licensed medical professional, doctor, or physician. The information you obtain at this site is not, nor is it intended to be, medical advice. All visitors are encouraged to consult with a physician or other licensed medical professional for any form of medical advice. Use of this website or submission of an online form does not create an attorney-client relationship. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. No attorney-client relationship is formed until after you consulted with an attorney at Wilhite & Associates, P.C. and have signed a client agreement. Please do not send any confidential information to us until after an attorney-client relationship has been established. Contact us today for more information. |