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Limited Liability Company

What is a Limited Liability Company or LLC?

A limited liability company is an organization formed to act as an artificial entity or artificial person to carry on or conduct business. A limited liability company is owned by its members, who are in most circumstances shielded from claims against the business (although there are exceptions to this general concept).

Limited liability companies have gained in popularity because LLC’s offer some favorable tax treatment for its members (always consult with a certified public accountant on all tax matters, I do not offer or provide any tax counsel to my clients), while permitting its members to participate in the control in the business.  LLCs are a newer hybrid form of entity structure, having some characteristics of corporations and also enjoying some of the informalities of partnerships.  Currently the statutory fee payable to the Texas Secretary of State to file the Certificate of Formation for a LLC is $300 plus $25 for that office’s expedited handling fee service.

Input from your certified public accountant on the choice of entity is an absolute must before the entity is organized.  Your CPA knows your tax situation, and his or her counsel more often than not dictates their preference for the choice of your entity.  I regularly assist clients in the organization of their Texas limited liability companies.  The counsel of a Texas attorney is especially critical prior to forming the entity if two or more members will own the limited liability company.

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