Dallas Business Formation Lawyers

Customized Solutions to Your Business Needs in North Texas

Starting a new business is an exciting and often challenging task. You will need to juggle various issues and complete certain steps before you can even open the doors. Among these tasks is deciding what type of legal structure your business will have.

The type of business formation you choose is necessary at the outset, whether you are starting out with a simple DBA or forming something more complex. Some of these formations are easy and inexpensive to put together, while others involve more steps.

At Mullin, P.C., we can educate you on all business formations, their pros and cons, and advise you on what would best meet your needs. We are here to get you started with the right formation to help you get your business off the ground and moving forward.

Our attorneys are experienced in all matters of corporate formation and governance. Reach out today!

Business Formations – What Are They?

Only a handful of business formation types exist, each with its own advantages and disadvantages. The type you choose will have a deciding factor on such matters as your personal liability, your tax liabilities, and other important aspects of your operation.

Sole Proprietorships

Sole proprietorships are the simplest business structure to form. This is a one-owner business done under your name or a DBA (doing business as) with you and your business as one entity.

This type of business may require a local or state business license depending on your circumstances. However, you will not be filing any incorporation documents.

With a sole proprietorship, you have no protection against claims or lawsuits made against your business. Your personal assets can be taken.

Partnerships

Partnerships are the simplest business formations for co-owners. Generally, you have a partnership agreement that lays out how the business will operate and how your profits and losses will be handled.

Partnerships come in two forms: general and limited:

In a general partnership, the general partners have joint authority and can both be held personally liable for all business debts
In a limited partnership, the limited partners cannot be held personally responsible for business debts - only the general partners can

Let Us Provide the Guidance You Need

In order to understand the intricacies of any business structure, it is best that you discuss it with a knowledgeable attorney who can apply it to your individual circumstances. At Mullin, P.C. we can ensure you understand all of the consequences of the business formation you use, especially in terms of liability, tax consequences, and state or federal requirements. We are here to provide thorough, efficient, and effective legal assistance in this most important and vital matter.

Talk to a Dallas business formation attorney about your business needs. Contact us to get started today.

Limited Liability Company

Limited liability companies, or LLCs, are formed through filing a certificate of formation with the Texas Secretary of State. This legal structure is distinct from the others in that it has the powers of a corporation as well as a partnership.

Depending on how it is formed, it may be similar to:

A general partnership that has limited liability
A limited partnership where all partners may be responsible for management
An “S” corporation without corporate ownership or tax restrictions

In an LLC, the owners are “members,” who can be people, partnerships, corporations, or other legal structures.

Corporations

Corporates are created by filing a certificate of formation with the Secretary of State. This is a legal entity whose owners are shareholders that provides limited liability protection.

This type of business is generally managed by directors, although shareholders can make agreements to eliminate directors to have shareholder management.

In a “C” corporation, its earnings are taxed and shareholders pay taxes on corporate dividends
In an “S” corporation, the owners take profits and losses

Corporations must file corporate tax returns, have annual meetings, and have accounting obligations.

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What Makes Us Different?

Collaborative Environment
Our entire team has unique skills and specialties, which helps the entire staff get to know you and anticipate your needs.
Comprehensive Service
Running a business often leads to a variety of legal needs and challenges, and our team is willing and ready to assist you from start to finish.
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We offer the substantive knowledge and skill of a large law firm without charging you the big firm prices.
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We provide customized strategies for each and every client, and offer the experience to implement them.