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Ownership TypeAgricultural Timber Exemption Application

Select the ownership type from the list.

Sole proprietorship: The most common and the simplest form of business is the sole proprietorship. In a sole proprietorship, a single individual engages in a business activity without necessity of formal organization.

Corporation: A corporation is a legal person with the characteristics of limited liability, centralization of management, perpetual duration, and ease of transferability of ownership interests.

Limited Liability Company: The limited liability company (LLC) is not a partnership or a corporation but rather is a distinct type of entity that has the powers of both a corporation and a partnership. A limited liability company can be managed by managers or by its members.

General Partnership: A general partnership is created when two or more persons associate to carry on a business for profit.

Limited Partnership: A Texas limited partnership is a partnership formed by two or more persons and having one or more general partners and one or more limited partners.

Joint Venture: A business organization composed of two or more entities which combine for a common business purpose.

View a detailed description of these types of business structures on the Secretary of State site.

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