At Patel Fuller Law Firm, we offer a complete range of corporate legal services designed to help you develop a sustainable business strategy and reach your goals. We will help you obtain long-term viability and represent your interests, protecting your intellectual property. Making the right legal decisions that align with your business will ensure you are successful, profitable, and able to grow.
Business Formation
We will help you find the best business structure for your organization with a focus on potential legal issues that will hinder your success. We have assisted businesses of all sizes and industries to establish themselves successfully in Texas.
Whether you are starting, buying, or merging a business, we will help you meet your goals. We can assist with all types of business formations, including:
- Limited Liability Company (LLC) and Limited Liability Partnership (LLP): In this setup, the legal structure of the business is independent of the owners. There will be a separation between your assets and your company’s liabilities. You can be taxed as either a sole proprietorship or a partnership. This allows you to have unlimited partners. You won’t require shareholder meetings. Your operating agreements will be drafted and approved by the owners of the business.
- C Corporations: In this business setup, the tax and legal structures are separate from yours. Your personal assets and business liabilities are still kept separate. You also have the right to unlimited shareholders. All corporate profits and dividends paid out to your shareholders will be taxed. You will require annual investor meetings where you will have to record the minutes.
- S Corporations: In an S Corporation, independent tax and legal structures are separate from you/the owners. You do retain some separation of your personal assets and your business liabilities. All investing partners will have to report profits and losses on their personal taxes. There is also a limited number of shareholders allowed, and all shareholders must be legal residents or U.S. citizens. You will have to hold an annual shareholder meeting complete with a record of the minutes.
- Partnerships: In this business setup, investing or operating partners become personally liable for company liabilities. The partnership doesn’t have to be filed with the state. It is probably the easiest entity to form or dissolve. All investing partners will have to report earnings and profits and losses on their personal taxes.
- Sole Proprietorships: In this case, you are liable for all lawsuits that might be filed against your business. You do not have to file with the state before your sole proprietorship is formed. This is a simple setup and operation. Your profits and losses will have to be reported on your personal taxes.
We believe in taking the most direct route to complete the steps involved in business formation. We will ensure that we address all the issues that can put you at risk, focusing on reducing expenses. We will provide you with the wisdom of our experience so that you are always able to make well-informed decisions that will positively impact your business.