Business planning, whether for a single individual or multiple interested parties, involves many facets. From formation of the correct legal structure and mandatory filings to the procedural structure necessary for day-to-day operations – comprehensive business planning is imperative to the success and efficiency of the business.
Limited Liability Company And Corporations
Forming a corporation in Texas requires submitting mandatory filings with the Secretary of State. The specific filings that are required with the State are determined by the services and/or products the proposed company will offer.
Operating Agreements And By-Laws
Comprehensive business planning will include a company agreement. Whether a business will need an operating agreement or by-laws is determined by how the business is structured. These documents will dictate how the business will be managed and operate.
A buy/sell agreement is primarily used when there are co-owners of a business. This agreement stipulates the actions the business must take in the event of one owner passing away or leaving the company.
Strategic business planning may allow business owners to protect assets of the company. Once the company is formed, assets that are used by the business must be re-titled to the name of the business in order to benefit from the protections afforded by the company.