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The Texas Business Organizations Code (BOC) has replaced the following statutes: Since the mandatory application date of January 1, 2010, the BOC applies to all Texas corporations, partnerships, limited liability companies, and other domestic filing entities, as well as all foreign filing entities registered to transact business in Texas.
- Educational Materials
Educational Materials prepared by the Corporations Section....
- Business Organizations Code FAQs
As of January 1, 2010, the Texas Business Organizations Code...
- 2021 Legislative Session Update
SB 1203 amends section 3.010 of the BOC to require the...
- Educational Materials
- I. Introduction
- The Alter Ego Theory
- IV. Conclusion
Generally, an owner of a construction corporation or limited liability company will not be held liable for the debts, obligations, or liabilities of the company. This means that an owner’s personal assets are not on the hook for any of the obligations of the entity. For this reason, many individuals choose to establish their business as a corporati...
The Texas Supreme Court has described the basis for piercing the corporate veil under an alter ego theory as follows: “Under the alter ego theory, courts disregard the corporate entity when there exists such unity between the corporation and individual that the corporation ceases to be separate and when holding only the corporation liable would pro...
Therefore, the basis for finding individual liability of an owner of a limited liability company and a corporation turns on whether the owner used the entity as a shield to carry out his/her personal business. Specifically, the owner cannot use the entity to perpetuate actual fraud and gain personal benefit. The best way to avoid personal liability...
Jul 5, 2016 · July 5, 2016. • Business Law, Foreign Reporting. Why Incorporate as an LLC? Today, many businesses are forming as a Limited Liability Company (LLC) and are finding that an LLC offers the “best of both worlds” of corporate forms. LLCs have pass-through taxation while also affording the owners limited liability protection, typical of a corporation.
Jul 18, 2021 · July 18, 2021 | by Francesca Blackard. A trial court must divide community property in a “just and right” manner in a Texas divorce. The court must properly characterize the property before it in order to achieve a just and right division. Characterization can be complex when the parties have significant assets acquired through various means.
What is a Limited Liability Partnership (LLP)? In Texas, a limited liability partnership (LLP) is either a pre-existing general partnership or a pre-existing limited partnership (LP) that takes the additional and entirely optional step of registering with the secretary of state as an LLP. Tex. Bus. Orgs. Code §§152.801 et seq. and 153.351 et ...
Nov 10, 2021 · LLCs have flexible management and pass-through taxation, while S Corps have more formalities and may require shareholder salaries. LLCs accommodate diverse ownership and file partnership returns, while S Corps are limited to 100 shareholders and file corporate tax returns.
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