The Types of LLC in Texas
The LLC or Limited Liability Company is a business entity which is legal and the possessor of which has limited liability. The small scale business owners are the best suited for this sort of company because they have fewer number of partners in the business. A limited liability company is somewhere in between a partnership and a corporation. Since in this the liabilities of the owner of business is restricted, it means he is not responsible for any incurred debt, by the company at the time of a transaction.
An LLC serves the dual purpose of protecting the owners from certain liabilities and also giving certain extent of tax exemption. The Amato Law Group is a legal firm and a PLLC or Professional Limited Liability Company. It is doing very well in the law businesses related to real estate, commercial litigation, lending, construction etc. This runs under the presidency of Alfred Amato.
One of the most comprehensive LLC laws in the United States Of America happens to be in Texas. The reason behind this is the intelligence of the Texas Law makers. They are well aware of the numerous advantages and benefits that can be got from doing business in this type of companies. Unlike other countries where there exists only one type of LLC, Texas offers you four.
The first type is the Domestic Texas LLC. This is the one that is most popular and used by owners of small businesses. There is no limitations as to the purpose of this type of LLC, it is therefore used in places of joint ownership of property, protection planning of assets, etc. This LLC has a perpetual life and can be opened by anyone above the age of 18 years. You could also choose to limit the duration of this sort of a company.
The second types is Professional Texas LLC. There are certain specifications that need to be followed before opening this type of LLC. This is a limited license company, that means there only specific services that can be provided by these company owners, and they themselves have to have a license professionally, to run the services they intend.
The Amato Law Group is a law firm based in Long Island, Garden City New York that provides its clients with perfect and logical counsel regarding matters of zoning, telecommunications law, and many more such things. The managing partner here at this LLC is Mr. Alfred Amato, who has a great reputation in the frame of legal services.
The Non-Profit Texas LLC, is the third type of LLC present in Texas. The purposes of this type of an LLC include religious, charitable and educational ones. Fraternities and trade associations prefer going with this type. This is also the [preferred type for attaining tax exemption.
The last type of LLC in Texas is the Foreign LLC. This is a sort of LLC which is situated in another state but conducts its business in Texas. There are a lot of legal attributes that need to be complied if you wish to open this and therefore, penalties and fees can be charged if one fails to comply by them.