Business Structures

Business Structures or Entity Types

• Sole Proprietorship
  The most common and the simplest form of business is the sole proprietorship. In a sole proprietorship, a single individual engages in a business activity without necessity of formal organization.
   
• General Partnership
  A general partnership is created when two or more persons associate to carry on a business for profit. A partnership generally operates in accordance with a partnership agreement, but there is no requirement that the agreement be in writing and no state-filing requirement.
   
• Corporations
  There are several types of corporation; Business, Professional,  and Non-Profit. A Texas business corporation is created by filing articles of incorporation with the Texas Secretary of State.
  
  The Articles of Incorporation define the purpose and structure of your business. You may need an attorney or accountant to complete your Articles. The corporation become a separate entity - separate from its owners and founders.
   
• Limited Liability Company
  A limited liability Company creation process is very similar to the corporation except the resulting entity has a different structure. A Texas limited liability company is created by filing articles of organization with the Texas Secretary of State. Consult with your attorney and/or accountant to determine which is right for you.
   
• Limited Partnership
  A Texas limited partnership is formed by two or more persons and having one or more general partners and one or more limited partners. The limited partnership operates in accordance with a partnership agreement, written or oral, of the partners as to the affairs of the limited partnership and the conduct of its business.

  The partnership must file a certificate of limited partnership with the Texas Secretary of State.
   

• Limited Liability Partnership
  A Limited Liability Partnership is similar to a General Partnership and but with the resulting entity gaining more legal structure. In order to limit the liability of its general partners, a general or limited partnership may opt to register as a limited liability partnership.
   
• Association
  The Association is representative of individuals licensed as doctors of medicine, osteopathy, podiatry, dentistry, optometry, therapeutic optometry, chiropractic medicine, veterinarians, and mental health professionals. Licensed mental health professionals include individuals, other than physicians, who are licensed by Texas to engage in the practice of professional therapy or counseling services, such as clinical social work, licensed professional counseling, and licensed marriage and family therapy.
   

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