817-459-2889 / 972-539-2889

Small Business Attorney for Start-up Businesses

Small Business Attorney

For specific advice regarding the legal issues you are facing,
contact our office for a free and
brief initial consultation.

We serve clients in:
• Tarrant County
• Dallas County
• Collin County
• Denton County
• Hood County
• Wise County
• Johnson County
• Parker County
• and all across the state of Texas

          Contact Information:

              817.459.2889
972.539.2889

    In an effort to accommodate our
    clients, Mr. Rice utilizes satellite
    conference facilities at the following
    locations by appointment only.

    Contact our office to schedule an
    appointment at the location most
    convenient for you.

     Arlington:
2000 E. Lamar Blvd.
Arlington, TX 76006

     Bedford:
1600 Airport Freeway
Bedford, TX 76022

Dallas:
5430 LBJ Freeway
Dallas, TX 75240

Denton:
      1308 Teasley Lane
        Denton, TX 76205

* Flower Mound:
1013 Long Prairie Rd., Ste. 103
Flower Mound, TX 75022

        Fort Worth:
        5601 Bridge Street
        Fort Worth, TX 76112

     Grapevine:
1701 West Northwest Hwy.
Grapevine, TX 76051

     Irving:
5605 North MacArthur Blvd.
Irving, TX 75038

     Keller:
9500 Ray White Rd.
Keller, TX 76244

     Lewisville:
401 E. Corporate Drive
Lewisville, TX 75057

     Plano:
101 E. Park Blvd.
Plano, TX 75074

*Primary Office Location

Arlington - Denton - Fort Worth Small Business Attorney
Incorporation Start-up Business Services

If you are about to start a new business venture in Texas, you have several choices of how to structure your business entity. The decision of which entity you form is probably the first major decision you will make as a small business owner. A serious business owner does more than file a DBA and declare themselves “open for business.”

Careful planning and forethought will distinguish your business from those "fly-by-night" operations that often fail, are plagued by management difficulties, and distrusted by consumers.

The type of entity you choose will impact how you run your company, determine your personal financial exposure, and can have important ramifications at tax time.

Our office can assist you in making this decision and help you start your business off on the right path.

Some common business entity options are:

Texas Corporation

A Texas corporation is formed by filing articles of incorporation with the Texas Secretary of State and paying the required fee. Many formalities are often associated with a Texas corporation such as the drafting of by-laws, issuing shares, scheduling board of director meetings, and setting regular shareholder meetings. Texas Professional Corporations exist to provide professional services by a licensed shareholder, i.e. attorneys, accountants and other professionals.

Texas General Partnerships (GP)

A Texas General Partnership is the most basic form of partnership and can be created by a mere oral agreement, or a “handshake” deal. While the lack of formalities required to create a GP may seem attractive, this type of business entity is often ill advised because it leaves all the partners open to liability for the debts and actions of all partners. Although not required, it is advisable to create a written partnership agreement to address current and future concerns about business operations and the rights and duties of the partners.

Texas Registered Limited Liability Partnership (RLLP or LLP)

A general partnership can obtain limited liability protection under Texas law by registering with the state as a “Registered Limited Liability Partnership” (abbreviated RLLP or LLP). Like a General Partnership, LLP’s operate under a written or oral partnership agreement that governs the relationship between partners. LLP’s are a common form of entity for professional businesses such as lawyers and accountants who traditionally practiced as General Partnerships, but wish to enjoy the protection of limited liability. In addition to registering with the state, businesses that operate as LLP’s must pay a yearly registration fee for each partner, and must carry a minimum level of insurance to maintain their limited liability status.

Texas Limited Partnership (LP)

A Texas Limited Partnership is a partnership formed by two or more persons consisting of one or more general partners and one or more limited partners. The general partners conduct the daily business of the partnership and are liable to creditors as in a General Partnership (see above). The limited partners are essentially investors, and are protected from losses in excess of their investment so long as they do not participate in the control of the business. Because an LP allows for limited liability of partners with solely an investment interest, it allows greater possibilities for raising capital other than borrowing from traditional institutional lenders. Formation of a Texas limited partnership requires the execution and filing of a certificate of partnership as well as payment of filing fees.

Texas Limited Liability Company (LLC)

Formation of a Texas LLC has only been permitted under Texas law since 1991, making it a relatively new form of business entity in this state. LLC’s are created by filing articles of organization with the Texas Secretary of State and obtaining a certificate of organization. The equity holders in an LLC are referred to as members. Texas allows for single member LLC’s which makes the LLC an attractive option for any company no matter how big, or small. Members enjoy liability protection equivalent to a corporation, but without the requirement of the corporate formalities described above. LLC’s are becoming a favorite entity choice among new small business owners because of their versatility and ease of formation and operation.

Commercial Collections

At the Law Office of Russell S. Rice, our clients come first.