What is the Difference Between a Partnership and Corporation? Part 2

What is the Difference Between a Partnership and Corporation? Part 2

Continuing from last week’s column on partnerships, this week I will discuss some of the aspects of a corporation.  One key point is that a corporation survives the death of one of its shareholders or officers.  Partnerships cease upon the death of a partner.   Deciding whether to incorporate:     In deciding what type of organization …

What is the Difference Between a Partnership and Corporation? Part 1

What is the Difference Between a Partnership and Corporation? Part 1

Met with a client recently to discuss the differences between a partnership, corporation and Limited Liability Corporation were.  I thought that might make a good topic for this column and so I will start this week with describing a partnership.   A partnership is an association of two or more persons to carry on as …

Co-Owning Property in Texas May Have Unforseen Issues

Attorneys often face co-ownership issues when advising on inheritance and probate avoidance. Inheritance in such cases may be determined by express language in a deed or a last will and testament, or in the absence of either, by intestacy provisions of the Estates Code. In some circumstances a co-owner may have no survivorship rights at all.