Wednesday, June 24, 2009
New Downtown Office
I am pleased to announce my new office location in downtown Lufkin. I chose an area just off the courthouse square at 115 West Shepherd Avenue. This is a great location and I am excited about the new headquarters for my practice.
July 2009 Column of the Huntington Herald
In May 2009, after attending school and working in Houston and Austin, I made my second relocation back home to Huntington. In both occurrences I came from the big city, but with very different outlooks on life. Returning to East Texas a bit older, and this time with a family of my own, I am more aware of those indispensible ideals and values that truly make life worthwhile. Small town life offers much one simply does not find in the big city, such as self reliance, strength, pride, family, hard work, and integrity. Sadly, these traits seem to become lost in the hustle and bustle (and traffic) of the larger cities in which I have lived. It is good to improve one’s outlook. It is good to be back.
One thing I have noticed upon returning to East Texas is the thriving sprit of entrepreneurship. Each week more and more East Texans are starting their own businesses. Some are operating part-time side ventures while others are leaving longtime positions to start something completely new. When beginning a business it is critical to determine what type of business entity should be considered. Business entities, when properly utilized, may protect individuals from personal liability in most situations. My clients generally ask me about three different types of business entities during our initial meeting: “doing business as” (“D/B/A”), limited liability company (“LLC”), and the traditional corporation. I will outline some of the basic differences.
D/B/A. This form of business is not filed with the Secretary of State, as it is not truly a separate entity apart from the owner. This allows the business owner to operate in the business name rather than his or her own individual name. One can accept payments, open a bank account, and advertise with the particular business name. The major consideration here is that the business owner is not shielded from personal liability. The business owner has unlimited liability.
LLC. This is an extremely popular and effective business form in the United States. This type of entity enjoys a management and operation type that is very flexible compared to the traditional corporation. Owners operate the LLC by means of an operating agreement. Most importantly, the LLC shields the business owner from personal liability in most situations. Another significant advantage is that the LLC’s income passes through the LLC to the business owner’s tax rate. There may be other tax advantages so I strongly suggest working with your tax professional and attorney if you have questions about that aspect of the LLC.
Corporation. This is the traditional form. Owners sell shares of the company’s stock to raise capital to operate the business. The corporation protects the business owner from personal liability in most situations, and the duration can be perpetual. Management and operation of the corporation is complex and involves a board of directors, officers, annual meetings, elections, and annual reportings. Also, the traditional corporation is taxed at the corporate rate and thus subject to “double taxation.” Once again, your tax professional can answer many of the tax questions.
Although this topic may not set your heart to racing or be tomorrow’s heated topic at the water cooler (when I had trouble sleeping during law school I would simply think of my business law class and soon fall fast asleep), proper organization and planning of your new business can help to ensure that it will be successful. If you are thinking of starting your own business and have any questions about these or any other business entities, please consult an attorney to discuss.
It is a pleasure to live and share in this community with you. If you see me around town or happen to be near my office, please stop by to say hello. I look forward to the opportunity to meet you.
Jeremy Crew is licensed by the State Bar of Texas and is admitted to practice law in all Texas courts। He is a member of Texas Young Lawyers Association, Texas Bar Association, and American Bar Association. Mr. Crew’s office is located at 115 W. Shepherd Ave. in downtown Lufkin.
One thing I have noticed upon returning to East Texas is the thriving sprit of entrepreneurship. Each week more and more East Texans are starting their own businesses. Some are operating part-time side ventures while others are leaving longtime positions to start something completely new. When beginning a business it is critical to determine what type of business entity should be considered. Business entities, when properly utilized, may protect individuals from personal liability in most situations. My clients generally ask me about three different types of business entities during our initial meeting: “doing business as” (“D/B/A”), limited liability company (“LLC”), and the traditional corporation. I will outline some of the basic differences.
D/B/A. This form of business is not filed with the Secretary of State, as it is not truly a separate entity apart from the owner. This allows the business owner to operate in the business name rather than his or her own individual name. One can accept payments, open a bank account, and advertise with the particular business name. The major consideration here is that the business owner is not shielded from personal liability. The business owner has unlimited liability.
LLC. This is an extremely popular and effective business form in the United States. This type of entity enjoys a management and operation type that is very flexible compared to the traditional corporation. Owners operate the LLC by means of an operating agreement. Most importantly, the LLC shields the business owner from personal liability in most situations. Another significant advantage is that the LLC’s income passes through the LLC to the business owner’s tax rate. There may be other tax advantages so I strongly suggest working with your tax professional and attorney if you have questions about that aspect of the LLC.
Corporation. This is the traditional form. Owners sell shares of the company’s stock to raise capital to operate the business. The corporation protects the business owner from personal liability in most situations, and the duration can be perpetual. Management and operation of the corporation is complex and involves a board of directors, officers, annual meetings, elections, and annual reportings. Also, the traditional corporation is taxed at the corporate rate and thus subject to “double taxation.” Once again, your tax professional can answer many of the tax questions.
Although this topic may not set your heart to racing or be tomorrow’s heated topic at the water cooler (when I had trouble sleeping during law school I would simply think of my business law class and soon fall fast asleep), proper organization and planning of your new business can help to ensure that it will be successful. If you are thinking of starting your own business and have any questions about these or any other business entities, please consult an attorney to discuss.
It is a pleasure to live and share in this community with you. If you see me around town or happen to be near my office, please stop by to say hello. I look forward to the opportunity to meet you.
Jeremy Crew is licensed by the State Bar of Texas and is admitted to practice law in all Texas courts। He is a member of Texas Young Lawyers Association, Texas Bar Association, and American Bar Association. Mr. Crew’s office is located at 115 W. Shepherd Ave. in downtown Lufkin.
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