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Doing Business As (DBA)
A registration allowing a business to operate under a name different from its legal name.
County Business Operations
Businesses must register in each county where they conduct sales or services.
Assumed Name Certificate
A document filed with the state to allow a business to operate under an assumed name statewide.
Partnership
A business structure owned by two or more individuals sharing management and profits, with no limit on the number of partners.
Nonprofit Partnerships
Nonprofit partnerships do not exist under Texas legal code.
Limited Partnerships (LP)
A partnership with one general partner having unlimited liability and other partners having limited liability.
Personal Guarantee
A promise by a partner to accept responsibility for another partner's debts.
Limited Liability Partnerships (LLP)
A partnership structure that protects each partner from debts against the partnership and the actions of other partners.
Corporations
A complex business structure owned by stockholders, providing limited liability and separate legal entity status.
Double Taxation
The taxation of corporate profits at both the corporate level and again as individual income for shareholders.
Corporate Veil
The legal distinction between a corporation and its owners, protecting owners from personal liability.
Funding in Corporations
Corporations can raise funds through the sale of shares, but this can lead to dilution of ownership.
Business Ownership Complexity
Corporations are the most complicated form of business ownership due to their legal structure and requirements.
Advantages of Partnerships
Affordable to start, access to more capital, and the ability to combine skills and resources.
Disadvantages of Partnerships
Possibilities of disagreements, unlimited liability, and limited lifespan.
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