You should consult with an attorney experienced in securities law before planning to offer your corporation publicly. Income is taxed at the corporate and at the shareholder level. Stock dividends receive fairly unfavorable tax treatment by the Internal Revenue Service, and so are often avoided in smaller corporations, especially where the owners work daily in the company's operations and so can receive bonuses in prosperous years. There are no special allocations of tax items in corporations. Shareholders may not deduct corporate losses.
Distributions are taxable to the extent of earnings and profits.
The liquidation of a corporation is taxable to both the corporation and the shareholders. Most states have requirements to qualify a foreign corporation to do business in their state. If you plan to have your corporation do business outside of Texas, you need to know what those qualification provisions are and how to satisfy them. Make sure the corporation is properly formed. You must file articles of incorporation with the Secretary of State before the State of Texas can issue a charter for your corporation.