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In certain U.S. states (for example, Texas), businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC). [4]
The secretary of state administers the Texas Election Code and maintains public filings; the officeholder is the keeper of the Seal of the State of Texas. [8] The office also oversees business entity status in Texas, including processing reinstatements of forfeited or terminated entities. [ 9 ]
Location of Texas. Texas is a state in the South Central region of the United States. The region's second-quarter 2018 gross state product was 8.6% of the GDP of the country at $1.755 trillion, with significant growth in mining, quarrying, and oil and gas extraction. [1]
An S corporation is a special form of corporation designed for smaller companies. They can only have a maximum of 100 shareholders. Like other corporations, S corps have detailed accounting and ...
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
In addition to meeting IRS Treasury Regs.Sec.53.4944-3(a), many states require the label "L3C" or "low-profit limited liability company" to appear in the name of the organization. Each state may have state-specific requirements that govern L3C formation. [citation needed]
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