AUSTIN, Texas, April 27, 2018 /PRNewswire/ -- Austin-based business and financial consulting firm, The Personal CFO, Inc. just launched a new LLC Formation Service. Texas is one of few states that offer the series LLC. This unique business structure allows people to form one company and "layer" sub entities under it without the additional filing fees, tax ID numbers, or operating agreements.
"Although the Texas legislature adopted the enabling law in 2009, relatively few business persons have ever heard of a series LLC, yet thousands of businesses and individuals could benefit," said David Disraeli, President and CEO of The Personal CFO. "Until recently, in order to protect several properties or businesses, a person would form several individual LLC's. Now, they may be protected simultaneously under a series LLC."
Once people hear about the series LLC, they wonder why their advisers never mentioned it to them. Other benefits of LLC's include built-in estate planning tools. Properties usually must go through probate but property inside an LLC does not. This feature can be an enormous time saver for families who wish to reduce the legal burden on their heirs.
Anyone in any state can form an LLC in Texas without stepping foot in the state as long as they choose a registered agent in Texas. It is known as a business-friendly state, since it has no state income tax and no minimum corporate franchise tax. Unlike corporations, LLC's do not have a federal filing requirement as long as they are owned by one person or a married couple. Texas law provides explicit language that states each series is a legally separate entity, meaning creditors of one series may not attach the others. Contact a Texas-based entity expert at (512) 464-1110 or visit http://www.pcfo.net/ to learn more.
About The Personal CFO, Inc.:
The Personal CFO, Inc. is a business consulting firm that offers a wide array of services to small businesses. Offering entity selection and formation, the company provides comprehensive strategies that help individuals and businesses survive. Team members counsel clients on best practices regarding the maintenance of their entities. The firm does not give legal or tax advice and encourages anyone to seek out separate counsel. For additional information, see www.llcformationtexas.com or call David Disraeli at (512) 464-1110.