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Buenos Aires 24 de Noviembre de 2017

Trabajo Final
Los tipos de empresas en Texas

Materia: Lecto-comprensión inglés (Nivel único)


Profesora: María Montesano
Integrantes: Alejandro Gabastou, Fabrizio Di Lorenzo, Iván
Amado Ayala, Tomás Ungarini
LOS TIPOS DE EMPRESAS EN TEXAS

Las entidades constituidas en el estado de Texas (EEUU), sin importar su tipo o


finalidad, son reguladas por el Texas Business Organization Code (en adelante BOC), el
cual unifica la mayor parte de la legislación referente a las mismas, en este sentido Texas
ha seguido la misma línea de codificación que nuestro estado ha mantenido desde hace
décadas. El propio codigo afirma en su Titulo primero, capitulo primero que su propósito es
hacer que las normas referentes a las personas jurídicas sean más comprensibles y
accesibles.
Una diferencia entre el ordenamiento de Texas y el sistema argentino radica en
que nuestro ordenamiento regula las personas jurídicas que no se constituyen como
sociedades (simple asociación, fundación o asociación civil sin fines de lucro, etc) en el
Código Civil y Comercial de la Nación y no en la ley general de sociedades, como si lo hace
Texas en su BOC.

Hay grandes diferencias en la tipología legal de las compañías que pueden actuar en
Texas, y en Estados Unidos en general, con respecto a la categorización establecida en las
leyes argentinas, y debido a fuertes diferencias en cuanto a los requisitos legales que se les
exigen y a los derechos que estás poseen no se las puede comparar a todas directamente
con los distintos tipos de sociedades ni otras entidades establecidas en el Código Civil y
Comercial ni en la Ley General de Sociedades. Las compañías que operan en Texas
pueden ser, según el BOC:
Corporación, o sociedad, (corporation), tiene una existencia jurídica independiente de la de
los individuos que la componen, es decir que son personas jurídicas. Otra de sus
características principales es su responsabilidad limitada. Las corporaciones tienen las
mismas facultades que los individuos, en cuanto a cuestiones patrimoniales, a fin de llevar
adelante sus negocios o cumplir su objeto social.Entre estas facultades se incluyen:
Legitimación para ser demandada y demandar, tener y alterar un sello propio, imprimirlo o
reproducirlo, adquirir, recibir, poseer, retener, aumentar, usar o negociar bienes, vender,
transmitir, hipotecar, prendar, arrendar, permutar y realizar cualquier otro acto de
disposición sobre bienes, celebrar contratos y garantizar obligaciones, contraer
obligaciones, prestar dinero, entre otras facultades.

Estas corporaciones pueden ser con o sin fines de lucro, y muchas de las que entran en
esta última categoría no son consideradas empresas en Argentina.

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Una corporación sin fines de lucro se crea mediante la presentación de un certificado de
formación en la secretaría de estado de acuerdo con el BOC. El significado de “corporación
sin fines de lucro” radica en que aquellos miembros, directores o funcionarios de la misma
no participaran de las ganancias de la sociedad ya que esta ganancia será dirigida a otros
objetivos favoreciendo a terceros ajenos a la sociedad conforme a la sección 22.0001 (5)
del BOC. Una corporación sin fines de lucro puede ser creada para cualquier propósito legal
o propósitos permitidos por el BOC. No todas las corporaciones sin fines de lucro tienen
derecho a la exención de los impuestos estatales o federales.

Asociación (Partnership), es una compañía con fines de lucro formada por la asociación de
dos o más personas, pero no constituida bajo la figura de la corporación, por lo que no
conforma una persona jurídica.
Estas pueden ser asociaciones generales o limitadas según como se limite y divida su
responsabilidad.
En la asociación limitada, asimilable a la sociedad en comandita del derecho argentino, se
divide de maneras diferenciada la responsabilidad de la sociedad entre el socio
administrador, que es personalmente responsable por deudas de la asociación y el socio
capitalista que es solo responsable por su contribución económica a la empresa.
Mientras que en la asociación general todos los socios son personalmente responsables por
todas las deudas en las que incurra la asociación.

Sociedad de responsabilidad limitada (Limited Liability Company, o LLC), tiene


características de una corporación y de una asociación, combinando exenciones impositivas
y limitaciones de la responsabilidad de las deudas adquiridas por la sociedad, es similar en
ciertos aspectos a la Sociedad de Responsabilidad Limitada del ordenamiento argentino.
Su cualidad principal es la de limitar las responsabilidades que puedan derivar de las
deudas de la sociedad al aporte realizado por cada uno de sus socios, y encontramos otra
similitud en el punto de la prescindencia de fines de lucro, ya que en ambos ordenamientos,
tanto el de Texas como el local, dan pie a que estas sociedades se creen con fines extra
monetarios también, es decir que no sólo recurren a este tipo de sociedades para generar
pasivos, activos y ganancias por fuera del patrimonio personal de los socios, sino que
también pueden querer simplemente limitar su responsabilidad ante el desempeño de la
sociedad para sus funciones, sean o no negociales.
Entes profesionales (Professional entities), son corporaciones, asociaciones o sociedades
de responsabilidad limitada integradas por profesionales de un mismo ámbito, tales como
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médicos, abogados, ingenieros o contadores, con la finalidad de desarrollar su actividad
profesional de manera conjunta. Es muy común que los abogados formen este tipo de
entidades con el objeto de limitar su responsabilidad en casos de mala praxis, como asi
también para acumular capitales y lograr mayores objetivos. En este punto un buen ejemplo
lo constituye la serie SUITS en la cual sus protagonistas conforman una corporación de
profesionales.
En cuanto a su responsabilidad civil, el titulo primero capitulo 7 establece que el instrumento
de constitución de la organización puede disponer que el o los directivos de la organización
no son responsables frente a los socios o solo lo son en la medida en que el instrumento de
constitución lo establece. Aunque esta disposición no es aplicable si el directivo de la
organización:viola el deber de lealtad hacia la organización o sus socios o propietarios,
realiza un acto u omisión que no sea de buena fe, que además constituya un incumplimiento
de los deberes a su cargo con respecto a la organización o una mala conducta o una
violación intencional a la le realiza un negocio a través del cual recibe un beneficio indebido,
o realiza un acto u omisión para el cual la responsabilidad del directivo está expresamente
prevista por ley.
Fondo de inversión en propiedad inmueble (Real Estate Investment Trust), una compañía,
fideicomiso o asociación de personas que opera como una empresa dedicada a la inversión en
propiedad inmueble e hipotecas, sin estar constituida como una institución financiera o
aseguradora, y en la cual la mayoría de sus ingresos son distribuidos entre sus accionistas.
Cooperativas y Asociaciones sin fines de lucro (cooperative association y non for-profit
association)
Una cooperativa es una asociación de personas que tiene como fin proveer servicios sin
generar una ganancia para sí misma o sus socios.
Una asociación sin fines de lucro no incorporada está definida como una organización no
constituida en corporación formada por tres o más miembros unidos por consentimiento
mutuo para un fin común sin fines de lucro.Todas las asociaciones sin fines de lucro no
incorporadas, independientemente de si las entidades están exentas o no de impuestos,
están sujetas a las disposiciones del Capítulo 252 del BOC. La Ley aborda un número
limitado de asuntos importantes relacionados con asociaciones sin fines de lucro; a saber, la
autoridad de la asociación sin fines de lucro para adquirir, mantener y transferir propiedades
en su propio nombre; la autoridad para demandar y ser demandado como una entidad legal
separada; y la responsabilidad contractual y extracontractual de los funcionarios de una
asociación y sus miembros. Una asociación no incorporada sin fines de lucro puede, sin
obligación alguna, presentar ante el secretario de estado una declaración que designa a un
agente autorizado para recibir las notificaciones respecto del proceso en nombre de la
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asociación sin fines de lucro. La presentación de la declaración no representa la creación de
la asociación sin fines de lucro; simplemente proporciona un método para que una
asociación sin fines de lucro reciba notificación de cualquier demanda presentada en su
contra.

Empresa unipersonal (sole proprietorship), Si bien no se encuentra codificada en el BOC


también es importante destacar la figura del sole proprietorship, ya que bajo esta figura se
constituyen la mayoría de las compañías, es una empresa en la cual una sola persona es el
dueño de todos los bienes de la compañía. El empresario unipersonal es responsable por
todas las deudas de su empresa.

EL CONCURSO PREVENTIVO

Luego de analizar la regulación existente acerca de las sociedades, abarcamos


aquella que versa sobre las vicisitudes económicas que puedan surgir en el devenir del
desarrollo diario de una sociedad. En nuestra normativa existe la ley de concursos y
quiebras, equiparable a la Bankruptcy Regulation. En el holding del fallo “BATES VS.
CITIMORTGAGE INC.” se determina que enviar los formularios 1099-a no violan la
constitución del concurso como medida cautelar previa a la quiebra.
En comparación, en la sociedad Norteamericana, las personas en general
tienden a la constitución de sociedades en varios ámbitos de su vida mayormente para
salvaguardar su patrimonio y para crear relaciones negociales más férreas, con más
respaldo legal. Así es como paralelamente a esta tendencia conductual, logramos dilucidar
el surgimiento de la necesidad de estructurar normativamente la situación para salvaguardar
los derechos de aquel que se aventura en la constitución de una persona jurídica. Es por
eso que encontramos como ejemplo la propia génesis del matrimonio, con ella la
constitución de la sociedad conyugal, y paralelamente a eso la creación de los contratos
prenupciales. .
A lo largo de la historia, las entidades sociales han evolucionado a la par de los
negocios, y las necesidades tanto económicas como socio culturales de las conjunciones
demográficamente heterónomas que constituyen a la propia sociedad, se han manifestado
dándole origen a más de 50 normativas regulatorias de la cuestión de la constitución de
entidades sociales, con o sin fines de lucro.
El proceso de concurso y posteriormente la quiebra, son tratados de una forma muy
similar tanto en normativa norteamericana como en la nacional, porque ambas comienzan
cuando surge la imposibilidad de satisfacer y honrar las deudas que se poseen, lo cual
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deviene en el sometimiento a análisis de los pasivos y activos que tiene el sujeto puesto
bajo análisis.
Abrir el proceso de concurso preventivo en el estado de texas, tiene ciertos
requerimientos, se deben detallar las transacciones financieramente significativas de los
últimos dos años, el costo de vida mensual referente a gastos, deudas y elementos que
constituyen la propiedad (ya sean bienes muebles o inmuebles susceptibles de valor
pecuniario, y en el sistema interno vemos que encontramos diferencias en algún plazo, pero
lo necesario para iniciarlo, es básicamente lo mismo, transacciones (tanto pasivos como
activos) y patrimonio de quien quiere solicitarlo.

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BIBLIOGRAFÍA

http://www.statutes.legis.state.tx.us/?link=BO (Pagina oficial del Estado de Texas en donde


puede encontrarse todas la legislación del mencionado Estado, incluyendo el Business
Organization Code)

https://www.legalzoom.com/articles/how-to-form-a-texas-corporation (Empresa privada que


se encarga de brindar servicios juridicos de forma online)

https://www.sos.state.tx.us/corp/businessstructure.shtml

Black's Law Dictionary with Pronunciations, 6th Edition (Centennial Edition 1891-1991)

https://www.law.cornell.edu/uscode/text/26/856 (Internal Revenue Code section 856, real estate


investment trust)

http://www.texasbankruptcylaw.com/process.html (proceso de constitución del concurso


preventivo)

https://www.sos.state.tx.us/corp/forms_boc.shtml (Formularios de registro)


Formation of Business Entities and Nonprofit Corporations Under the Texas Business Organizations
Code

Definiciones extraidas de “Black's Law Dictionary” with Pronunciations, 6th Edition


(Centennial Edition 1891-1991) - Definiciones.

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ACTIVIDADES

SOPA DE LETRAS

L I O C E U W E P N E D E

I S C O R P O R A T I O N

A L A B I L Q E R S C I O

B A T X O L U P T O E E N

I P O T A T O S N L V K U

L A O X E Ñ Q K E E E O P

I T A L Y X U A R P Y C U

T I E R E U E H S R Ñ X H

Y O N O M L A S H O L J C

I C A D A M I A I P L M T

U C B A N K R U P T C Y E

A S S O C I A T I O N ? K

PALABRAS A ENCONTRAR:

LIABILITY REIT
ASSOCIATION TX BOC
PARTNERSHIP. SOLE PROP.
CORPORATION
BANKRUPTCY
LLC

Además de la sopa de letras propongo que hagamos una actividad para que los
demas compañeras participen durante la exposición. La actividad consiste en repartir
papelitos a unos cuantos chicos/as que digan algo asi como “Acción” o “Título” o “cuota
parte” pero con el término que corresponda en inglés y luego hacer un acting con ellos en el

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cual emulamos una reunión de directorio en el cual los chicos que tendrán los papelitos-
acciones deberán votar por sacar un miembro del directorio o tomar una decisión

TEXTOS UTILIZADOS

1) NORMAS DEL BOC


BUSINESS ORGANIZATIONS CODE TITLE 1. GENERAL PROVISIONS CHAPTER
2. PURPOSES AND POWER OF DOMESTIC ENTITY SUBCHAPTER A.
PURPOSES OF DOMESTIC ENTITY

A. GENERAL SCOPE OF PERMISSIBLE PURPOSES. A domestic entity has


any lawful purpose or purposes, unless otherwise provided by this code.

PURPOSES OF NONPROFIT ENTITY.


The purpose or purposes of a domestic nonprofit entity may include one or more of
the following purposes: (1)A serving charitable, benevolent, religious, eleemosynary,
patriotic, civic, missionary, educational, scientific, social, fraternal, athletic, aesthetic,
agricultural, and horticultural purposes; (2)A operating or managing a professional,
commercial, or trade association or labor union; (3)A providing animal husbandry; or
(4)A operating on a nonprofit cooperative basis for the benefit of its members.

GENERAL PROHIBITED PURPOSES.


A domestic entity may not: (1)A engage in a business or activity that: (A)AAis
expressly unlawful or prohibited by a law of this state; or (B)A cannot lawfully be
engaged in by that entity under state law; or (2)A operate as a: (A)A bank; (B)A trust
company; (C)A savings association; (D)A insurance company; 1 (E)AA cemetery
organization, except as authorized by Chapter 711, 712, or 715, Health and Safety
Code; or (F)A abstract or title company governed by Title 11, Insurance Code.

GENERAL POWERS.
Except as otherwise provided by this code, a domestic entity has the same powers
as an individual to take action necessary or convenient to carry out its business and
affairs.A Except as otherwise provided by this code, the powers of a domestic entity
include the power to: (1)A sue, be sued, and defend suit in the entity ’s business
name; (2)AAhave and alter a seal and use the seal or a facsimile of it by impressing,

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affixing, or reproducing it; (3)A acquire, receive, own, hold, improve, use, and deal in
and with property or an interest in property; (4)A sell, convey, mortgage, pledge,
lease, exchange, and otherwise dispose of property; (5)A make contracts and
guarantees; (6)A incur liabilities, borrow money, issue notes, bonds, or other
obligations, which may be convertible into, or include the option to purchase, other
securities or ownership interests in the entity, and secure its obligations by
mortgaging or pledging its property, franchises, or income; (7)A lend money, invest
its funds, and receive and hold property as security for repayment; (8)A acquire its
own bonds, debentures, or other evidences of indebtedness or obligations; (9)A
acquire its own ownership interests, regardless of whether redeemable, and hold the
ownership interests as treasury ownership interests or cancel or dispose of the
ownership interests; (10)AAbe a promoter, organizer, owner, partner, member, 5
associate, or manager of an organization; (11)A acquire, receive, own, hold, vote,
use, pledge, and dispose of ownership interests in or securities issued by another
person; (12)A conduct its business, locate its offices, and exercise the powers
granted by this code to further its purposes, in or out of this state; (13)A lend money
to, and otherwise assist, its managerial officials, owners, members, or employees as
necessary or appropriate if the loan or assistance reasonably may be expected to
benefit, directly or indirectly, the entity; (14)A elect or appoint officers and agents of
the entity, establish the length of their terms, define their duties, and fix their
compensation; (15)AApay pensions and establish pension plans, pension trusts,
profit-sharing plans, bonus plans, and incentive plans for managerial officials,
owners, members, or employees or former managerial officials, owners, members,
or employees; (16)A indemnify and maintain liability insurance for managerial
officials, owners, members, employees, and agents of the entity or the entity ’s
affiliate; (17)A adopt and amend governing documents for managing the affairs of
the entity subject to applicable law; (18)A make donations for the public welfare or
for a charitable, scientific, or educational purpose; (19)A voluntarily wind up its
business and activities and terminate its existence; (20)A transact business or take
action that will aid governmental policy; (21)AArenounce, in its certificate of
formation or by action of its governing authority, an interest or expectancy of the
entity in, or an interest or expectancy of the entity in being offered an opportunity to
participate in, specified business opportunities or a specified class or category of
business opportunities presented to the entity or one or more of its managerial
officials or owners; and (22)A take other action necessary or appropriate to 6 further
the purposes of the entity. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by: Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 5, eff. January 1, 2006.
Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 7, eff. September 1, 2007.
Sec.A3.001.A FORMATION AND EXISTENCE OF FILING ENTITIES.
(a) Subject to the other provisions of this code, to form a filing entity, a certificate of
formation complying with Sections 3.003, 3.004, and 3.005 must be filed in
accordance with Chapter 4. (b)AAThe filing of a certificate of formation described by
Subsection (a) may be included in a filing under Chapter 10. (c)AAThe existence of a
filing entity commences when the filing of the certificate of formation takes effect as

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provided by Chapter 4. (d)A Except in a proceeding by the state to terminate the
existence of a filing entity, an acknowledgment of the filing of a certificate of
formation issued by the filing officer is conclusive evidence of: (1)AAthe formation
and existence of the filing entity; (2)AAthe satisfaction of all conditions precedent to
the formation of the filing entity; and (3)A the authority of the filing entity to transact
business in this state.

DURATION.
A domestic entity exists perpetually unless otherwise provided in the governing
documents of the entity. A domestic entity may be terminated in accordance with this
code or the Tax Code.
Sec.A3.004.A ORGANIZERS.
(a) Any person having the capacity to contract for the person or for another may be
an organizer of a filing entity. (b)A Each organizer of a filing entity must sign the
certificate of formation of the filing entity, except that: (1)A each general partner must
sign the certificate of formation of a domestic limited partnership; and (2)A each trust
manager must sign and acknowledge before an officer who is authorized by law to
take acknowledgment of a deed the certificate of formation of a domestic real estate
investment trust. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
CERTIFICATE OF FORMATION.
(a) The certificate of formation must state: (1)AAthe name of the filing entity being
formed; (2)AAthe type of filing entity being formed; (3)A for filing entities other than
limited partnerships, the purpose or purposes for which the filing entity is formed,
which may be stated to be or include any lawful purpose for that type of entity; (4)A
for filing entities other than limited partnerships, the period of duration, if the entity is
not formed to exist perpetually and is intended to have a specific period of duration;
(5)AAthe street address of the initial registered office of the filing entity and the name
of the initial registered agent of the filing entity at the office; (6)AAthe name and
address of each: (A)A organizer for the filing entity, unless the entity is formed under
a plan of conversion or merger; (B)A general partner, if the filing entity is a limited
partnership; or (C)A trust manager, if the filing entity is a real estate investment trust;
(7)AAif the filing entity is formed under a plan of 2 conversion or merger, a statement
to that effect and, if formed under a plan of conversion, the name, address, date of
formation, prior form of organization, and jurisdiction of formation of the converting
entity; and (8)A any other information required by this code to be included in the
certificate of formation for the filing entity. (b)AAThe certificate of formation may
contain other provisions not inconsistent with law relating to the organization,
ownership, governance, business, or affairs of the filing entity. (c)A Except as
provided by Section 3.004, Chapter 4 governs the signing and filing of a certificate of
formation for a domestic entity.
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CERTIFICATE OF AMENDMENT.
A certificate of amendment for a filing entity must state: (1)AAthe name of the filing
entity; (2)AAthe type of the filing entity; (3)A for each provision of the certificate of
formation that is added, altered, or deleted, an identification by reference or
description of the added, altered, or deleted provision and, if the provision is added
or altered, a statement of the text of the amended or added provision; (4)A that the
amendment or amendments have been approved in the manner required by this
code and the governing documents of the entity; and (5)A any other matter required
by the provisions of this code applicable to the filing entity to be in the certificate of
amendment. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Sec. 3.054.A
EXECUTION OF CERTIFICATE OF AMENDMENT OF FOR-PROFIT
CORPORATION.A Except as provided by Title 2 or this section, an officer shall sign
the certificate of amendment on behalf of the for-profit corporation.AAIf shares of the
for-profit corporation have not been issued and the certificate of amendment is
adopted by the board of directors, one or more of the directors may sign the
certificate of amendment on behalf of the for-profit corporation.
SUBCHAPTER C. GOVERNING PERSONS AND OFFICERS Sec.A3.101.A
GOVERNING AUTHORITY.
Subject to the title of this code that governs the domestic entity and the governing
documents of the domestic entity, the governing authority of a domestic entity
manages and directs the business and affairs of the domestic entity. Acts 2003, 78th
Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Sec.A3.102.A RIGHTS OF GOVERNING
PERSONS IN CERTAIN CASES. (a) In discharging a duty or exercising a power, a
governing person, including a governing person who is a member of a committee,
may, in good faith and with ordinary care, rely on information, opinions, reports, or
statements, including financial statements and other financial data, concerning a
domestic entity or another 16 person and prepared or presented by: (1)A an officer
or employee of the entity; (2)A legal counsel; (3)AAa certified public accountant; (4)A
an investment banker; (5)AAa person who the governing person reasonably believes
possesses professional expertise in the matter; or (6)AAa committee of the
governing authority of which the governing person is not a member. (b)AAA
governing person may not in good faith rely on the information described by
Subsection (a) if the governing person has knowledge of a matter that makes the
reliance unwarranted. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Sec.A3.103.A OFFICERS. (a) Officers of a domestic entity may be elected or
appointed in accordance with the governing documents of the entity or by the
governing authority of the entity unless prohibited by the governing documents.
(b)AAAn officer of an entity shall perform the duties in the management of the entity
and has the authority as provided by the governing documents of the entity or the
governing authority that elects or appoints the officer. (c)AAA person may
simultaneously hold any two or more offices of an entity unless prohibited by this
code or the governing documents of the entity. Acts 2003, 78th Leg., ch. 182, Sec. 1,
eff. Jan. 1, 2006. Sec.A3.104.A REMOVAL OF OFFICERS. (a) Unless otherwise
provided by the governing documents of a domestic entity, an officer may be
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removed for or without cause by the governing authority or as provided by the
governing documents of the entity. The removal of an officer does not prejudice any
contract rights of the person removed. (b)A Election or appointment of an officer
does not by itself create contract rights. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff.
Jan. 1, 2006. 17 Sec.A3.105.A RIGHTS OF OFFICERS IN CERTAIN CASES. (a) In
discharging a duty or exercising a power, an officer of a domestic entity may, in good
faith and ordinary care, rely on information, opinions, reports, or statements,
including financial statements and other financial data, concerning the entity or
another person and prepared or presented by: (1)A another officer or an employee of
the entity; (2)A legal counsel; (3)AAa certified public accountant; (4)A an investment
banker; or (5)AAa person who the officer reasonably believes possesses
professional expertise in the matter. (b)AAAn officer may not in good faith rely on the
information described by Subsection (a) if the officer has knowledge of a matter that
makes the reliance unwarranted.

TITLE 2. CORPORATIONS CHAPTER 21. FOR-PROFIT CORPORATIONS


SUBCHAPTER A. GENERAL PROVISIONS

SUBCHAPTER C. SHAREHOLDERS ’ AGREEMENTS. Sec.A21.101.A


SHAREHOLDERS ’ AGREEMENT. (a)AAThe shareholders of a corporation may
enter into an agreement that: (1)A restricts the discretion or powers of the board of
directors; (2)A eliminates the board of directors and authorizes the business and
affairs of the corporation to be managed, wholly or partly, by one or more of its
shareholders or other persons; (3)A establishes the individuals who shall serve as 7
directors or officers of the corporation;

2) Pagina informativa (LegalZoom)

How to Form a Texas Corporation

by Jane Haskins, Esq. Freelance writer

Benefits of a Corporation A corporation provides shareholders with limited


liability for the corporation’s financial obligations. This means that creditors cannot
pursue your personal assets to pay the corporation’s debts and obligations.
Forming a corporation can also protect you personally from liability for your
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employees’ or business partners’ actions. Corporations can offer additional
benefits, such as potential tax savings and increased appeal to investors, due to
the facility to transfer ownership of shares.

Requirements for Incorporating in Texas

Preparing Your Certificate of Formation

To form a Texas corporation, you must file a certificate of formation with the
Secretary of State and pay a filing fee. The corporation’s existence begins as soon
as the certificate is filed, unless the certificate specifies a different date. The
certificate of formation may include many provisions, but it must contain the
following:

■ Name of the corporation


■ Names and addresses of organizers
■ Names and addresses of directors
■ Registered agent and registered office
■ Corporate purpose
■ Stock structure
■ Duration of the corporation, if not perpetual
In regard to stock structure, your certificate of formation must also contain the
following information:

■ You must state the total number of shares your corporation is initially authorized to issue
and state either the par value of the shares or that the shares have no par value. Shares
with a par value cannot be sold for less than a stated value. Shares that have no par
value can be sold for an amount set by the board of directors.
■ If the shares will be divided into classes, you must provide the designation for each class,
the number of shares in each class, the par value (or state that there is no par value) and
the preferences, limitations and relative rights of each class.
Ready to form a corporation? GET STARTED NOW

Naming Your Corporation


Before you file your certificate of formation, you should check to see if the name you
want for your corporation is available. You can do this by calling or emailing the
Secretary of State’s office.

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You can also reserve a name for your corporation for 120 days by filing an
application with the Secretary of State. The reservation can be renewed for
additional 120-day periods.

Your corporation’s name must meet the following requirements:

■ It must contain one of these words: “company,” “corporation,” “incorporated” or “limited,”


or an abbreviation of one of those words.
■ It cannot be the same as or deceptively similar to the name of another Texas entity or to
a name that has been reserved or registered with the Secretary of State, unless you
obtain the other entity’s written consent to use the name.
Specifying Organizers

An organizer, sometimes called an incorporator, is the person who files the


incorporation documents. Once the certificate of formation has been filed, the
directors take over management of the corporation and the organizers have no
further responsibilities.

The following requirements must be met when specifying organizers:

■ Each organizer’s name and address must be listed on the certificate of formation.
■ There can be one or more organizers.
■ An organizer may be a person aged 18 or older, a corporation or other legal entity. An
organizer does not have to live in Texas.
Specifying Directors

Corporate directors are responsible for managing the business and affairs of the
corporation and exercising corporate powers. They may delegate some of these
responsibilities to the officers or to committees.

You must meet the following requirements when specifying your corporation’s
directors:

■ The names and address of directors must be included in the certificate of formation.
■ There must be at least one director. There is upper limit on the number of directors.
■ There are no age or residency requirements for directors, but the bylaws or certificate of
formation may describe qualifications for directors.
Specifying a Registered Agent and Registered Office

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A registered agent is a person or entity that receives process on behalf of the
corporation. “Process” refers to a lawsuit or other legal document. A registered office
is a place where the agent can receive these documents. Every corporation must
have both a registered agent and a registered office.

The following requirements apply when specifying your corporation’s registered


agent and registered office:

■ A registered agent may be an individual who is a Texas resident or a company


authorized to do business in Texas. The registered agent must have a business office at
the same address as your corporation and must sign a written consent to serve as
registered agent. Your corporation cannot act as its own agent.
■ A registered office is the registered agent’s business address. It must be a street
address, not a post office box, but it does not have to be the same as your corporation’s
address.
Stating a Corporate Purpose

To give you the greatest possible flexibility in operating your corporation, Texas law
allows you to provide a general description of your corporation’s purpose. Texas
uses this general language in its certificate of formation form: “The purpose for which
the corporation is formed is for the transaction of any and all lawful business for
which a for-profit corporation may be organized under the Texas Business
Organizations Code.”

Determining Incorporation Bylaws

A corporation’s bylaws establish operating rules and procedures that the corporation
and its officers, directors and shareholders will follow. Bylaws do not have to include
any particular items, but they typically provide for the way officers and directors are
chosen, the way meetings are held and the types of committees the corporation will
have. Although bylaws are not filed with the Secretary of State, they should be kept
on file at your place of business.

You must meet the following requirements when determining your corporation’s
bylaws:

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■ After the certificate of formation is filed, the initial directors must meet to adopt bylaws
during the first meeting of the directors.
■ Bylaws cannot include anything that is inconsistent with Texas law or the certificate of
formation.
Costs of Incorporating in Texas

The Texas Secretary of State requires a fee when filing a certificate of formation or
reserving a corporation name. Corporations are also required to pay state and
federal income taxes.

Ready to start a corporation in Texas? LegalZoom can help you start a corporation
online and find a registered agent in Texas.

3) Selecting A Business Structure (Breve resumen proporcionado por la


Secretaría del Estado de Texas)

Selecting A Business Structure

The decision regarding business structure is a decision that a person should make,
in consultation with an attorney and accountant, and taking into consideration issues
regarding tax, liability, management, continuity, transferability of ownership interests,
and formality of operation.

Generally, businesses are created and operated in one of the following forms:

● Sole proprietorship: The most common and the simplest form of business is
the sole proprietorship. In a sole proprietorship, a single individual engages in
a business activity without necessity of formal organization. If the business is
conducted under an assumed name (a name other than the surname of the

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individual), then an assumed name certificate (commonly referred to as a
DBA) should be filed with the office of the county clerk in the county where a
business premise is maintained. If no business premise is maintained, then an
assumed name certificate should be filed in all counties where business is
conducted under the assumed name.
● General partnership: A general partnership is created when two or more
persons associate to carry on a business for profit. A partnership generally
operates in accordance with a partnership agreement, but there is no
requirement that the agreement be in writing and no state-filing requirement. If
the business of the partnership is conducted under an assumed name (a
name that does not include the surname of all of the partners), then an
assumed name certificate (commonly referred to as a DBA) should be filed
with the office of the county clerk in the county where a business premise is
maintained. If no business premise is maintained, then an assumed name
certificate should be filed in all counties where business is conducted under
the assumed name.
● Corporation: A Texas corporation is created by filing a certificate of formation
with the Texas Secretary of State. The Secretary of State provides a form that
meets minimum state law requirements. Online filing of a certificate of
formation is provided through SOSDirect.
● A corporation is a legal person with the characteristics of limited liability,
centralization of management, perpetual duration, and ease of transferability
of ownership interests. The owners of a corporation are called “shareholders.”
The persons who manage the business and affairs of a corporation are called
“directors.” However, state corporate law does provide for shareholders to
enter into shareholders’ agreements to eliminate the directors and provide for
shareholder management. Choosing the best management structure for your
corporation is a decision you make with the advice of an attorney. The
Secretary of State cannot assist you.
● An “S” corporation is not a matter of state corporate law but rather a federal
tax election. A for-profit corporation elects to be taxed as an “S” corporation
by filing an election with the Internal Revenue Service. Please contact the IRS
or competent tax counsel regarding the decision to be taxed as an “S”
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corporation and the requirements for filing the election. This is not a matter
with which the Secretary of State may assist.
● Limited Liability Company: A Texas limited liability company is created by
filing a certificate of formation with the Texas Secretary of State. The
Secretary of State provides a form that meets minimum state law
requirements. Online filing of a certificate of formation is provided through
SOSDirect.
● The limited liability company (LLC) is not a partnership or a corporation but
rather is a distinct type of entity that has the powers of both a corporation and
a partnership. Depending on how the LLC is structured, it may be likened to a
general partnership with limited liability, or to a limited partnership where all
the owners are free to participate in management and all have limited liability,
or to an “S” corporation without the ownership and tax restrictions imposed by
the Internal Revenue Code. Unlike the partnership, where the key element is
the individual, the essence of the limited liability company is the entity,
requiring for its creation more formal requirements. 1 William D. Bagley &
Phillip P. Whynott, The Limited Liability Company, §2.10, (2d ed. 2d rev.
James Publishing, 1995).
● The owners of an LLC are called “members.” A member can be an individual,
partnership, corporation, trust, and any other legal or commercial entity.
Generally, the liability of the members is limited to their investment and they
may enjoy the pass-through tax treatment afforded to partners in a
partnership. As a result of federal tax classification rules, an LLC can achieve
both structural flexibility and favorable tax treatment. Nevertheless, persons
contemplating forming an LLC are well advised to consult competent legal
counsel.
● A limited liability company can be managed by managers or by its members.
The management structure must be stated in the certificate of formation.
Management structure is a determination that is made by the LLC and its
members. The Secretary of State cannot give advice about management
structure.
● Limited Partnership: A Texas limited partnership is a partnership formed by
two or more persons and having one or more general partners and one or
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more limited partners. The limited partnership operates in accordance with a
partnership agreement, written or oral, of the partners as to the affairs of the
limited partnership and the conduct of its business. While the partnership
agreement is not filed for public record, the limited partnership must file a
certificate of formation with the Texas Secretary of State. The Secretary of
State provides a form that meets minimum state law requirements. Online
filing of the certificate of formation is provided through SOSDirect.
● Limited Liability Partnership: In order to limit the liability of its general partners,
a general or limited partnership may opt to register as a limited liability
partnership. The Secretary of State provides a form for registration as a
limited liability partnership. Online filing of the registration is provided through
SOSDirect.

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