Understanding Corporation Definition in Dallas, TX
In the modern business world, having a legal team at the ready is essential3 min read
In the modern business world, having a legal team at the ready is essential. But, finding the right lawyers – specialized lawyers who understand the local regulations in Dallas – can be a task more daunting than creating a business plan. Here, we tackle the basic understanding of corporation definition as well as the best places to find reliable corporate lawyers for business owners in Dallas.
What is a Corporation?
A corporation is a business structure that provides a legal shield for the company and its owners from personal legal actions. It is a separate legal entity from its owners, protecting personal assets from the corporation’s liabilities and debts. A corporation gives shareholders limited liability – meaning their personal assets are not at stake should the corporation face a lawsuit or bankruptcy. Structuring a business as a corporation also allows for the selling of stock and distributions of profits in predetermined amounts.
How Should I Structure My Corporation?
When deciding to structure a business as a corporation, you'll likely need to consult with a business attorney familiar with local regulations in order to ensure legal compliance. Generally, there are two types of corporations: a C corporation and an S corporation.
The C corporation offers more flexibility to the shareholders in that the company’s profits are treated as its own and taxed separately, meaning the shareholders may also have income from other sources and be taxed separately. Additionally, a C corporation allows for an unlimited number of shareholders and the granting of stocks to shareholders.
Conversely, an S corporation limits the number of shareholders to 100 and does not allow the granting of stocks. It is, however, typically most suitable for small businesses seeking liability protection. An S corporation’s profits are not taxed separately from the shareholders who must then pay taxes on their portion of the profits.
Where Can I Find Reliable Business Lawyers in Dallas?
Whether you need one-time counsel or an entire team of legal professionals, there are many places in Dallas to find business lawyers for hire.
One such source is UpCounsel, an online platform that allows businesses to connect with experienced, high-profile lawyers. Their extensive network provides businesses access to qualified legal counsel on demand. What’s more, UpCounsel attorneys have an average of 14 years of experience, and each attorney profile displays client ratings and reviews of recent work. The cost-effective legal services offered make UpCounsel a great choice for business owners of all sizes, from small businesses to large corporations.
Lawyers.com is another great resource for finding a local Dallas lawyer, and the website’s search criteria makes it easy to narrow down the results to identify the lawyer right for you. All lawyers registered on the site have state bar licenses, making it a reliable place to start your search for qualified and dependable business attorneys.
Finally, the State Bar of Texas also maintains a directory of lawyers-by-city so that business owners can easily locate a local Dallas lawyer in their area. From taxation to intellectual property and more, the website helps businesses find the specialized counsel they need.
Making sure that your business is legally compliant and properly structured is an important part of running any company. Understanding corporation definition and finding reliable local lawyers in Dallas can help business owners protect their interests, alleviate liability, and plan for the future. With the help of UpCounsel, Lawyers.com, and the State Bar of Texas, finding the right business attorney in Dallas is easier than ever.