Common Business Transactions

Effective January 1, 2007, a new tax went into effect in Texas. Almost all forms of business are subject to the new tax. The Margin Tax is based on a company's gross receipts minus either compensation or the cost of goods sold. The first Margin Tax returns will be due May 15, 2008 (based on 2007 business.) Companies that owe less than $1000 in margin tax and those with total revenues of $300,000 or less are exempt from tax.

You can learn more about the new Texas Tax Entity law changes.

Other business transactions:

Frequently legal contracts are an essential part of business to business relationships. Contracts definite elements of the relationship including items such as tasks that will be completed, time line for completion of tasks, responsibilites for each party and compensation between parties.

Trusts and Business

There are various kinds of trusts that can be useful to business. Learn about the different different types of legal entity trusts.