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46 S.M.U. L. Rev. 841 (1992-1993)
The Texas Limited Liability Company - A Possible Alternative for Business Formation

handle is hein.journals/smulr46 and id is 855 raw text is: THE TEXAS LIMITED LIABILITY COMPANY - A POSSIBLE ALTERNATIVE FOR BUSINESS FORMATION Matthew W Ray I. INTRODUCTION ......................................... 842 II. ELEMENTS OF THE TLLCA ............................. 843 A . FORMATION ............................................ 843 B. M ANAGEMENT ......................................... 845 C. INDEMNIFICATION ..................................... 846 D . OW NERSHIP ............................................ 847 E. CONTRIBUTION AND DISTRIBUTION ..................... 848 F. D ISSOLUTION ........................................... 848 G. LIMITED LIABILITY OF MEMBERS ....................... 850 H. INTERSTATE OPERATIONS AND FOREIGN LLCs .......... 851 I. M ERGERS .............................................. 853 III. TAX CONSIDERATIONS ................................. 853 A. CLASSIFICATION OF THE LLC BY THE STATE ............ 853 B. CLASSIFICATION OF THE LLC BY THE IRS ............... 854 1. Continuity of Life .................................... 855 2. Free Transferability of Interests ....................... 857 3. Centralized Management ............................. 858 4. Lim ited Liability .................................... 859 C. COMPLIANCE WITH REV. PROC. 89-12 ................... 860 D. SINGLE MEMBER LLCs - TAX CONSIDERATIONS ....... 861 IV. THE LLC V. OTHER FORMS OF BUSINESS ORGANIZATION - IS IT THE RIGHT CHOICE? ........ 862 A. LIMITED LIABILITY COMPANY V. S CORPORATION ....... 862 B. LIMITED LIABILITY COMPANY V. LIMITED PARTNERSHIP ........................................... 864 C. LIMITED LIABILITY COMPANY V. GENERAL PARTN ERSHIP .......................................... 866 V. CONCLUSION ............................................. 867

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