At the Cordoba Law Firm, PLLC, we provide the trusted legal guidance you need in determining whether a sole proprietorship is the best type of structure for your business.
Being your own boss is a life-long dream for many people. Once you know the products or services you want to provide, one of the most important tasks is picking the right structure for your business. Your selection in this matter could impact both your business interests and your personal financial security for years into the future. As experienced Lake Jackson and Brazoria County business formation attorneys, you can count on the Cordoba Law Firm, PLLC to provide the trusted legal guidance you need.
Get the Legal Guidance You Need in Forming a Sole Proprietorship from Our Brazoria County Business Formation Attorneys Located in Lake Jackson
There are a variety of different types of business structures in Texas, with sole proprietorship being the simplest. It is easy to set up and involves few requirements. As opposed to businesses that require forming a separate legal entity, a sole proprietorship involves simply naming yourself as the owner and the person solely responsible for the business’ assets and debts.
The process is relatively simple but it is important to understand you receive NO personal liability protection with a sole proprietorship and your personal assets could be subject to judgment creditors.
If a sole proprietorship is right for you, at the Cordoba Law Firm, PLLC, our Brazoria County business formation attorneys located in Lake Jackson can help you determine whether a sole proprietorship is right for you. Working together, you can count on us to provide the trusted legal guidance you need throughout the process. Steps you will need to take include:
- Choosing the name of your sole proprietorship;
- Secure any business licenses needed;
- Submitting the appropriate forms to the Brazoria County Clerk to register your business;
- Guiding you in state and federal tax forms that are required.
Our Legal Team Can Help You Determine Whether a Sole Proprietorship is Right for You
As experienced Brazoria County business formation attorneys located in Lake Jackson, the Cordoba Law Firm, PLLC can easily help you establish a sole proprietorship. One of the many benefits it offers clients is that it allows them to be fully in charge of their business. While there are less moving parts with a sole proprietorship and it may be less expensive to set up, sometimes clients find being personally liable on debts and on judgments just isn’t worth it.
Some of the downsides to sole proprietorships that you need to be aware of include:
- You will be unable to raise capital by selling shares of your business;
- You face unlimited personal liability for any losses that occur;
- There is no separation from your personal assets to your business assets;
- Potential exposure of personal liability to judgment creditors;
- As you are the sole proprietor, the business is unlikely to survive unexpected events, such as disability or death; and
- Protecting your business name and trademarks can be more difficult as you only make a sole proprietorship filing in the county in which you are doing business.
Consult with Our Brazoria County Business Formation Attorneys Located in Lake Jackson, Texas
Choosing the right structure for your business is important to its future success. At Cordoba Law Firm, PLLC, we provide the professional, experienced legal guidance you need. To request a consultation, call or contact our Lake Jackson business formation attorneys online today.