Business Law

The choice of a sole proprietorship, partnership, limited liability company (LLC), or corporation can affect an owner's personal liability, tax treatment, and filing and reporting obligations. These considerations should be reviewed when starting or restructuring a business. Tax treatment can also depend on the business's circumstances and elections, not just its legal form.

Operating agreements for LLCs and partnership agreements for partnerships are important documents. They can define how owners make decisions, divide responsibilities, share profits and losses, and address changes in ownership. Clear agreements help owners understand their rights and obligations as the business develops.

Legal questions continue after a business is formed. Changes in ownership or operations can call for a review of governing documents, personal liability exposure, tax considerations, and applicable government filing and reporting requirements. Addressing these issues as they arise can help owners make informed decisions.

The Colorado Secretary of State provides information about forming a business, filing documents, and searching existing business records.

• Starting a business in ColoradoSecretary of State guidance for new businesses
• Search the business databaseFind Colorado business records and status
• Business filings and servicesSearch records and file new or existing business documents

The Texas Secretary of State provides information about business formation and records. The Texas Comptroller provides a separate search for franchise tax account status.

• Starting a business in TexasSecretary of State formation information and filing resources
• Business records and searchesSecretary of State links to business search services; some searches may have a fee
• Franchise tax account statusComptroller search for an entity’s right to transact business