Different Kinds of Business Formations
Texas, and especially Austin, continues to be a popular place to start a business despite the depressed national economy. However, no matter how great the local economy, business formation can still be complicated, and many hopeful entrepreneurs do not fully understand their options when it comes to business formation. There are several ways in which an individual or group can structure their business, and it’s important for you to understand these different legal structures before making a final decision about the type of business you wish to begin.
Fortunately, an experienced business attorney can help demystify the business formation process for you and can help you decide which structure is right for you. If you are thinking of starting a new business in Austin or the surrounding area, contact an experienced Austin business lawyer of Slater Pugh, Ltd. LLP, today by calling to discuss your ideas and options.
8 Common Business Formations
There are many different ways a person or group can legally structure their business, and understanding the benefits and drawback of each of these formations can help you choose which is best for your business needs. Eight kinds of business formations include:
- Medical / legal professional entities
- Limited liability companies (LLC)
- Limited liability partnerships (LLP)
- General partnerships
- Limited partnerships
- Sole proprietorships
Each type of business involves different formation procedures and regulations, so it’s important to have a legal representative who you can trust to guide you through this process.
Forming a new business can be fun and exciting, and you don’t want this experience clouded by confusing business formation mistakes. Get help with your business formation procedures by contacting an Austin business attorney of Slater Pugh, Ltd. LLP, today.