Areas of Practice
Business Representation
Formation.
When starting a new business, one of the most significant decisions you must make is determining the type of business entity structure for the new endeavor. The Texas Secretary of State website has useful information regarding the types of permissible business entities, including the following:
Limited Liability Company (LLC)
Limited Partnership
Limited Liability Partnership (LLP)
Sole Proprietorship
General Partnership
Corporation (S-Corporation)
Each of these commercial structures has their own advantages and disadvantages. The type of business entity you select will have lasting legal liability and tax implications. For tax purposes, both LLCs and S-corporations avoid double taxation, since the taxes for the business are passed to the shareholders. On the other hand, LLC owners are considered self-employed, so they must pay income taxes. Meanwhile, for an S-corporation, only employer-owners' salaries are subject to a self-employment tax. The various business entities also differ in terms of who may hold an interest in the entity, who is protected from liability, and how profits may be divided.
Our experienced business attorneys will assist you in determining the best type of entity for your business. We will also assist you in preparing the necessary entity formation documents, including shareholder and operating agreements, purchase agreements, contracts and leases, employee agreements, and oversee the filing of the documents with the Secretary of State.
Business Transactions.
Businesses conduct transactions on a regular basis. This typically demands that complex contractual instruments be used to orchestrate the transaction. These documents must be drafted to protect a company's interests, limit liability, and ensure that a business is protected if any disputes arise. Moreover, to protect a business, tax considerations need to be weighed to ensure that every transaction makes financial sense for a company. All of these considerations are best evaluated by counsel with a strong understanding of the needs of your business and with experience representing businesses in a variety of transactions.
If you are seeking experienced legal counsel regarding the formation of a new business or a business transaction, contact Dankesreiter & Emmet, LLP for a consultation regarding your specific legal matter.