6. General Partnership
Have a business partner or partners who want to own equal shares of the business? Then a general partnership is needed for you to form a business for profit. The general partnership functions under a partnership agreement made by the owners. However, there is no requirement that the agreement be filed in the state of Texas or even held in writing. It is recommended that all duties, responsibilities, benefits, etc. be spelled out in order that each partner knows what to expect. A general partnership that does not operate under the last names of the owners is also subject to the same DBA requirements as sole proprietorship.
To learn more about setting up corporations in Texas, visit the website of the Texas Secretary of State.
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