Professional practices in Texas are in luck: Texas Business Organizations Code §301.011 reads as follows:
EXEMPTION FROM SECURITIES LAWS.
(a) A sale, issuance, or offer for sale of an ownership interest in a professional entity to a person authorized under this title to own an ownership interest in the professional entity is exempt from any state law, other than this code, that regulates the sale, issuance, or offer for sale of securities.
(b) A transaction described by Subsection (a) does not require the approval of or other action by a state official or regulatory agency authorized to regulate the sale, issuance, or offer for sale of securities.
This means that provided the entity complies with the federal securities regulations, then Texas law won't interfere. This can vastly reduce the cost of forming professional entities in Texas.
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Law Office of James Ryland Miller, PLLC
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