QUESTION
Can I form a corporation in order to protect personal assets?
Asked on Feb 02nd, 2013 on Corporate Law - Texas
More details to this question:
I was looking into saving money in order to buy assets and build wealth. I was informed that I should begin a corporation to protect these assets from tax and any possible future lawsuits. What kind of corporation do I start and how does it work?
2 ANSWERS
ADR and Public Attorney serving Houston, TX
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Glass Law Group, PC
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Dear Mr. Whiteley,
Yes, a corporation can shield you from your personal assets being at risk when conducting a business/venture of some sort. There are six (6) main different types of Texas corporations; you can "Google" to find out and/or, when you're ready contact us at (713) 910-5757 and/or via email to AttorneyGlass@yahoo.com
Please note that we can discuss - and address - your options regardless of which Texas city in which you reside and/or conduct business, as Texas law is obviously the same statewide. We have a large percentage of corporate (and other) clients, most currently from Brenham to Abilene, etc.
Note that this site is using old information from 10+ years ago, so please contact me using the info. above instead of what Lawyers.com has"on file."
Thank you,
Howard L. Glass
LAW OFFICES OF HOWARD GLASS, P.C.
Great Southwest Building
1314 Texas Street, Suite 1100
Houston, Texas 77002
(713) 910-5757 Telephone
(713) 237-0755 Telefax
AttorneyGlass@yahoo.com
Answered on Feb 02nd, 2013 at 5:29 PM
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You cannot get wealthier by owning your assets inside a corporation than by owning them directly. Indeed, there are substantial costs of maintaining the corporation, including taxes, franchise fees and accounting expenses. Corporations are taxed. There is no free lunch here.
Answered on Feb 02nd, 2013 at 3:22 PM