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The Bond Law Firm can help you set up a formal business entity for your business. A formal business entity can be a partnership, a corporation, or a limited liability company. The limited liability company(LLC) provides asset protection, and you can select how the entity is taxed. It can be taxed as a partnership, as an S-Corporation, as a C-Corporation, or directly on to your individual tax return under Schedule C.
One of the main purposes of a limited liability company is to provide asset protection for you and your family in case of lawsuits arising from the operation of your business. If you conduct business as a sole proprietor using an assumed name, any lawsuit or liability arising from the conduct of the business will go directly against you. This means that any assets which are not exempt from creditors under Texas law are potentially at risk. (Assets which are exempt include your home, your personal property like household items, your retirement plans, individual retirement accounts, cash value of life insurance, and annuities.)