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Limited Liability Company (LLC) 

  • The LLC is the latest and greatest corporate enity. It allows a small business owner to have the most flexibility. You have freedom to be taxed as an partnership with pass through benefits or you can pay the corporate tax rate.

  • We set up your articles of incorporation and your bylaws (aka operating agreement).

  • Your LLC can be member managed (everybody gets to vote) or manager-managed (the board of directors or executive committee runs the operation).

  • You will have limited liability and you will establish a corporate shield so people can't come after your personal assets if they file a lawsuit against you.You can easily Your company has a contract your office manager entered into but the other side hasn't performed any steps towards completion. We can work to get your money refunded or we can have them actuallyu do what they promised.

Corporations​
S Corp
  • A Subchpater S Corp is a normal "corporation" that is intended for small business. It is form more sophisticated businesses due to the restrictions the IRS imposes.

  • Taxed as a partnership with pass through profits. No double taxations on the corporate income.

  • All S Corps must:

    • Be based in the U.S.A. (or a U.S.A. commonwealth like Puerto Rico or the Virgin Islands)

    • All shareholders must be U.S. Citizens

    • Shareholders must be ndividuals, certain trusts, and estates

    • S Corp shareholder cannot be partnerships or corporations

    • S Corps can have up to 100 shareholder and only one class of stock

 

Traditional Corporation (C Corp)

  • C Corps have no limitations on shareholders and are the oldest entitites filed on the state and federal level.

  • C Corps have limited liability  for shareholders, managers, employees, and others at times enjoy limited liability.

  • C Corp status is required for most seed funding and venture capitalist interest.

  • C Corps allow for  unlimited growth through stock offerings. Your company can sell stock and get immediate funding (but this gives up an ownership interest).

 

Partnerships, LLPs, & LPs 

A Partnership can be formed by accident as long as there is som ekind of agreement to share in profits , loses, and a continuity of purposes. The default is that any partner can have unlimited liability.

If you have an LLP or LP the partnership agreement will govern the relations of the partners and the relations between the partners and the partnership. This is all defined under Chapter 152 of the Texas Business Organizations Code.

Limited Liability Partnerships (LLP)
  • An LLP has limited liability for all the partners.

  • Each partner is taxed separtely (pass through taxation).Subchpater S Corp is a normal "corporation" that is intended for small business. It is form more sophisticated businesses due to the restrictions the IRS imposes.

  • Profits can be allocated by the partnership agreement.

  • Losses can be apportioned according to the partnership agreement.

  • Death, retirement, insolvency, disability of general partner terminates partnership.

  • If one of the businesses fail the partnership dissolves.

  • All partners can be involved in the day to day operations.

Limited Partnerships (LP)
  • An LP has at least one general partner (GP) and at least one lmited partner(LP). The GP has unlimited liabiility!

  • If one of the businesses fail the partnership dissolves.

  • Profits can be apportioned  according to the partnership agreement.

  • Losses can be allocated by the partnership agreement.

  • Death, retirement, insolvency, disability of general partner terminates partnership.

  • Historically, the limited partner could not be involved in the day to day operations.

Set Up Your Business Right

The Portley Law Firm, P.C.  creates entities of all sizes. We have set up small two person limited liability companies (LLCs) to fifty person Subchapter S Corporations (S Corps). We also have set up various 501(c)(3) non-profits in Texas.

 

We have helped startups in the tech industry identify crowd funding sources and we have helped emerging companies create the necessary entitites to receive the venture capitalist funds.

We volunteer our services with several Central Texas non-profits and we also work with the SBA in San Antonio where we teach classes about proper entity formations.

Speak with a expert business formation attorney at The Portley Law Firm​ today to make sure you are compliant with the Texas Secretary of State and the IRS.

We are the best option to form your company.

Experience you can trust

  • Corporate lawyers at our firm have helped manage multimillion dollar companies and have drafted operating agreements for fortune 500 and fortune 100 companies.

  • Our team of business attorneys have been in the board room of companies in Texas, Minneapolis, Nevada, D.C., and California.

  • Contact our team of dedicated business law attorneys today and let us start your company right.

Entities We Have Created

White Tie Solutions LLC