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One question I am often asked is what is the difference between a S-Corporation (a corporation that elects to be taxed as a partnership, otherwise known as S-Corp) and a LLC? There are a few major differences that may be able to help you select the appropriate entity for your business. Please remember that this advice is for people starting businesses in Texas only. 1. Taxation. Both LLCs and S-corps receive "pass-through tax status," meaning the entities are not taxed at a c
What are Texas Advanced Healthcare Directives (AHDs)? Advanced Healthcare Directives in Texas offer you the option to create legally binding documents that spell out how your affairs, whether it be medical, financial, or anything else, are handled if you become incapacitated. AHDs are like car, medical, or life insurance: they prepare for events that can be uneasy to face. These documents can be an overlooked step in successful estate planning in Texas. AHDs offer "insurance"
A will is a legal document that chooses who will distribute your property and assets (the Executor), who will receive your property and assets (the beneficiaries), and who will provide for any minor children (the guardian(s)). Why have a will drafted for you? A properly drafted will allows for the smooth distribution of assets and property while avoiding costly taxes, penalties, and future legal fees. There are two types of wills in Texas. The first type of will has four proc
In Texas, Limited Liability Partnerships are not technically a new business entity. So what is it then? An LLP is a general partnership (GP) or limited partnership (LP) that chooses to register with the state as a limited liability partnership. A GP or LP "chooses" to register as an LLP by submitting a form to the Secretary of State. LLP registration only lasts for one year, at which time it must be renewed. LLPs give personal liability protection to general partners for liab