Formation of LLC, TX

[Vicki Ramirez]

My partner and I are seeking a lawyer/accountant/professional to file paperwork with the state of Texas in order for us to form an LLC. Is there any professional or recommendations in the BP world who can help?? Thanks.

[Mark Porter]

 Good info on the following website:

http://www.lonestarlandlaw.com/LLC-Formation_in_texas.html?gclid=CPu0oM-2yM4CFQ6naQodSjcNBg

"All LLCs are not created equal. Basic one pager, no-frill filings do not contain key asset protection provisions and should never be used by a serious investor. One´s goal should not be to merely "set up an LLC" and consider the job done. The goal should be to establish a series LLC that includes sophisticated asset protection provisions beginning with the very first documents filed with the state (i.e., the Certificate of Formation in Texas or the Articles of Organization in Nevada). The need for quality documentation continues with the company agreement, the minutes of the first meeting, and so forth. These documents work together to build a wall against lawsuits and creditors. The company should also have a formal record book with a seal and membership certificates that are dated and issued.

Clients often report that "I already have an LLC." Often, they mean that the minimum initial paperwork has been filed (often by an Internet service), the filing fee paid, and nothing else done. In Texas, this may not be sufficient to maintain the company´s liability barrier if the LLC is challenged in court. If the LLC is not sufficiently independent and fully established with all the trimmings, a court could potentially "pierce the corporate veil" and hold individual members personally liable, despite Texas´s rather tough rules on the issue of piercing.

Clients will go on to say the following about the formation of their LLCs: "Oh, I just filled out and filed the standard forms." That is the point. There are no "standard forms" for establishing and properly documenting an LLC, regardless of what Internet services may say or imply in promotion of their highly simplistic products. Even the very basic forms that are available at the Secretary of State´s website are of minimal use–they will get you a filing number, minimal legal status, and that is about all. Will they get you real asset protection? Do not count on it. "