Thank you for asking. LLC, stands for Limited Liability Company and generally can protect the personal assets of members. For example, if your business got sued, only the assets of the LLC can be subject to the judgement lien, except some extraordinary cases.
When filing tax for your LLC, you have the flextity to choose how to file it. For example, you can chose to file Schedule C with your individual tax return if you are the single owner of the business. You can also elect to be taxed as partnership or Corporation or even S-Corporation. Please see this article, LLC Tax Filing Rules, for more details.
If the LLC is a single-member LLC, Texas LLC will be taxed as pass-through entities. In other words, the profits and losses will be reported on the owner's individual tax return. For TX, LLC can subjec to Franchise Tax and it all depends on your election on how to file it. Pls see the detailed list at Texas Comptroller webiste.
I hope the above information helps. Please feel to contact us if you have any further questions.
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