An LLC is the most frequently used business entity because it combines the advantages of a corporation and a partnership. Whether it's the insulation from liability as with a corporation or the more eased management structure of a general partnership, the LLC may be the proper entity. It can be formed by just one person or as many as desired. Members do not have to be individuals, but can also be partnerships or corporations. Among their other distinctions, LLC owners are called members as their liability is usually limited to their investment in the entity. However, it is important to recognize that LLC's either incorporated or doing business in Texas are required to pay franchise taxes.
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