Starting a business in Dallas involves several considerations, from selecting the appropriate business structure to creating the underlying legal documents and protecting the owners from liability. The best way to navigate these challenges is to consult an experienced business formation attorney. That’s where Sul Lee Law Firm PLLC comes in.
As a leading international business law firm serving clients throughout Dallas and the State of Texas, we are committed to helping new businesses get up and running. By understanding your objectives, we will help you form your business and achieve your goals. We offer strategic representation, cost-effective services, and advice you can rely on. Contact our office today to schedule a consultation.
Business Formation Attorney Representing Clients in Dallas
Starting a new business requires careful planning and consideration. The potential risks, including personal liability for business debts and obligations, make choosing an appropriate business structure crucial. Even in a successful enterprise, various factors like lawsuits, tax penalties, wage and hour claims, and benefit payments can significantly impact the owner’s assets.
To guard against such risks, exploring specific corporate structures that effectively separate personal assets from business liabilities is crucial. Our Dallas business formation attorneys are here to guide you on forming various corporate entities, such as:
C and S Corporations
The Internal Revenue Code recognizes two distinct levels of corporate tax treatment: C and Subchapter S:
- C corporations are typically large-scale, publicly held entities. However, they face the challenge of double taxation: corporate profits are taxable, and shareholders who receive dividends are also subject to individual taxes.
- S corporations have the advantage of protecting their shareholders from double taxation. Specific conditions must exist to qualify as an S corporation. First, the entity must be domestic and not affiliated with a larger corporate entity. Additionally, the corporation cannot have more than 100 shareholders and can only issue one class of stock. Shareholders must be individuals or estates and unanimously agree to select S treatment.
Foundational Documents: Articles of Incorporation and Bylaws
If you are forming a corporation in Dallas, our attorneys can help prepare foundational documents, including the Articles of Incorporation and Bylaws.
Articles of Incorporation outline the corporate name and the business’s purpose, generally stating that it will engage in lawful activities within its objectives. This document also specifies the type of stock (common or preferred) and the amount to be issued and should include relevant information such as the registered agent’s name and address.
Bylaws, on the other hand, serve as formal rules governing day-to-day business operations. They outline the rights and powers of shareholders, officers, and directors. Bylaws also establish procedures for nominating and electing officers and directors and details regarding meeting locations, quorum requirements, and voting and proxy rules. Finally, Bylaws should cover topics such as the issuance of shares of stock and other operational considerations.
Types of Business Entity Formation
Aside from corporations, our firm advises clients on alternative business formation options, including:
- Sole Proprietorship – This is a type of business entity where an individual operates and owns a business alone. It is the simplest and most common form of business ownership. In a sole proprietorship, there is no legal distinction between the owner and the business entity itself.
- Limited Liability Company (LLC) – LLCs provide liability protection without the restrictions associated with S corporations. By combining the advantages of sole proprietorships or partnerships with corporate protections, LLCs protect owners from personal liability for company debts.
- Partnerships – In a partnership, each partner typically has equal power to represent the organization. However, limited liability partnerships (LLPs) limit individual partners’ exposure to the liabilities of other partners.
- Limited Partnership – This is a business structure in which two or more individuals or entities join together to form a business venture. In a limited partnership, there are two types of partners: general partners and limited partners.
- Joint Ventures – Unlike partnerships, joint ventures are time-bound agreements to achieve specific business objectives.
When you work with Sul Lee Law Firm, you will make informed decisions about selecting a business entity that best suits your business needs and objectives.
Comprehensive Legal Services for New Businesses
In addition to structure selection, we assist clients with matters such as:
- Obtaining necessary licenses and tax identification numbers (TIN)
- Municipal, county, and state filings
- Preparing agreements (e.g. operating, partnership, shareholder, buy-sell)
- Business succession planning
We also serve as fractional general counsel, advising clients throughout the business cycle.
Talk to An Experienced Dallas Business Formation Attorney Today
If you are starting a new business in Dallas, trust Sul Lee Law Firm to provide informed representation and personalized attention. From representing Korean-Americanowned startups to Asian-based and international entities, we are the experienced choice in business formation. We have a well-earned reputation as dedicated advocates who put the best interests of our clients first. When you become our client, we will help to position your business for success. Contact us today for a consultation.
The Sul Lee Law Firm, PLLC assists clients throughout Dallas and the rest of Texas with all business formation services. We have helped clients form and start their businesses in Plano, Richardson, Fort Worth, Irving, Frisco, Carrollton, Taylor, Garland County, and Collin County.