It should be given much thought and consideration. There are several legal structures available for businesses operating in Texas. A sole proprietorship exists when a single individual operates a business and owns all assets. A sole proprietorship is operated under the name of the owner, or an Assumed Name Certificate must be filed with the county clerk. General Partnership A general partnership exists when two or more individuals or businesses join to operate a business.
General partners share equally in assets and liabilities.
An Assumed Name Certificate must be filed with the county clerk. A limited partnership is a partnership formed by two or more persons or entities, under the laws of Texas, and having one or more general partners and one or more limited partners. A limited partnership must be registered with the Secretary of State. A registered limited liability partnership is a general partnership that has been registered with the Secretary of State. A limited liability company is an unincorporated business entity, which shares some of the aspects of Subchapter S Corporations and limited partnerships, and yet has more flexibility than more traditional business entities.