Last year, my daughter got her ears pierced for the first time. She was very excited to be getting earrings, but she was disappointed that the pair of earrings that she initially selected were out-of-stock. "My favorite earrings were too famous," she explained. Well, using my daughter's definition, the limited liability company (LLC) is clearly to most famous entity in Texas.
Accordingly to the Texas Secretary of State's office, almost 87,000 new LLC's were formed in Texas in 2011, compared to 24,000 for-profit corporations and 6,000 limited partnership (LPs) during the same year.
As of June 1, 2012, there were almost 464,000 active LLCs, 369,000 for-profit corporations, and 128,000 LPs in Texas.
That's pretty amazing considering that Texas did not adopt its Limited Liability Company Act (since replaced by the Texas Business Organizations Code) until August 26, 1991!
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