This is the last entry on the basic business entity forms (we’ll get to others like limited partnerships later).  Limited liability companies (LLCs) are really the best of both worlds, combining the most favorable attributes of partnerships (flexibility and taxation) with those of corporations (limited liability).  They’re a relatively new form, and, as such, not all of the law concerning LLCs is necessarily settled.  However, they are common enough that many businesses do not (and should not) hesitate to use them. The presentation below summarizes their most basic (and generally relevant) characteristics.  After you’ve clicked through it,  and you’re wondering how they differ from the other available corporate forms, feel free to go back and take a look at similar presentations on C-Corps, S-Corps, and partnerships.

It’s been a busy month.   I like to think that there is not an inverse correlation between how much actual law I’m practicing and how much writing I’m doing, but the last few weeks seem to have shown that what I like to think sometimes counts for less than I would like. Before this involuntary hiatus, we had shown you a couple of presentations on business entities – first C-corps, and then S-corps.   Today, we dial it back to the most fundamental form of business entity other than a sole proprietorship or simply doing business as yourself: the partnership. In Texas, a partnership is defined as “an association of two or more persons to carry on a business for profit as owners.”  That’s it.  We’ll let the Powerpoint take it from here.