First, you may be asking yourself, "How can an attorney be my friend?" A valid question. Second, you may be thinking of the stigma that can be associated with having an attorney. However, an attorney's job is to protect you and your rights, as well as your business. The road of business law is long and sometimes confusing. What contracts should you sign? What's in this contract? What's a partnership agreement? What's an LLC? All of these questions are common and important. That's where an attorney comes in.
One of the best tools to limit or avoid personal liability associated with running your business in Texas is to set up a corporation, limited liability company, or a similar entity. However, many business owners set up their business entity, open a bank account, and go about their "business as usual" without timely filing the required business franchise tax reports with the State of Texas.