General Partnership: A general partnership is established when two or more people pursue a business profitably. A partnership generally operates in accordance with a partnership agreement, but it is not necessary for the agreement to be written and not binding by the state. If the commercial activity of the partnership is managed under an assumed name (a name that does not contain the surname of all partners), an accepted designation certificate (commonly known as DBA) must be filed with the district officer`s office in the county where a head office is held. If no activity site is maintained, an accepted naming certificate should be filed in all counties where transactions are held under the assumed name. A corporation is a legal entity with the characteristics of limited liability, centralization of management, indeterminate duration and ease of ownership portability. The owners of a company are called «shareholders.» The people who manage a company`s business and business are called «administrators.» However, Crown corporation law requires shareholders to enter into shareholder agreements to eliminate directors and provide for shareholder management. Choosing the best management structure for your business is a decision you make with the advice of a lawyer. The secretary of state can`t help you. A California LLC generally offers liability protection similar to that of a business, but it is taxed differently. National LCs can be managed by one or more managers or by one or more members. In addition to the submission of the documents applicable to the Secretary of State, an enterprise agreement is required between members regarding the affairs of the LLC and the execution of their activities.
LLC does not submit the enterprise agreement to the Secretary of State, but maintains it in the office where the LLC`s records are kept. Limited partnership: A Texas limited partnership is a partnership formed by two or more individuals with one or more general partners and one or more sponsorships. The limited partnership operates in accordance with a written or oral partnership agreement of the partners regarding the affairs of the limited partnership and the management of its activities. While the partnership agreement is not made public, the limited partnership is required to present a founding certificate to the Texas Minister of Foreign Affairs. The Secretary of State provides a form that meets the minimum legal requirements. The online filing of the creative certificate is made via SOSDirect. If you need help on the way, please contact our business department. Below is a brief overview of the various business structures.