Cleburne Legal Blog

When you first started your business, you undoubtedly gave much thought to the type of business entity you wanted to create. Because you were starting out small, you likely did not believe that you needed a business type that involved many complex aspects. After doing your research, you picked an entity that you believed best suited the needs of your company at the time.

Of course, now that your business has been up and running for some time, you may wonder whether your entity still suits those business needs. However, you may also wonder whether changing your business type is possible or necessary. To answer the first question, it is entirely possible to alter your type of entity. As for necessity, many reasons could lead to such a change.

Because you hold both your family and your business close, you certainly want to ensure that you take care of them. As a result, when you begin thinking about your retirement or possible demise, you will want to know that your family and company remain in good hands. Fortunately, business succession planning could prove useful in this respect.

When thinking about who you want to take over your business and how you want the company to continue to operate, you will likely have many aspects to consider. Wanting to keep the business within the family is understandable, especially if your children already work as part of the company. However, you still need to make sure your successor is the right fit for the job.

As a small business owner, collecting money people owe you is a part of doing business. In many cases, people will simply pay what they owe without issue, but there are times you will have to deal with difficult customers who refuse to pay for services rendered or products received.

In cases in which there is a dispute over owed balances and collections, you may find it beneficial to seek a full understanding of how you can protect your rights as a business owner. You have the right to take appropriate measures to secure the money owed to you, but it is prudent to know what you can and cannot do as you undertake this effort. Many Texas business owners find it beneficial to seek legal guidance as they pursue a beneficial solution for collections disputes.

In your business, you can't take for granted timely payment. When you have employees, suppliers and you own bills to pay, waiting for a contractor or property owner to compensate you for the work you have finished can be frustrating and damaging to your business. You may know that you have the right to file a mechanic's lien if a customer doesn't pay within a certain amount of time. However, the process may seem complicated and time-consuming.

That's because it is. Nevertheless, a mechanic's lien may be your best advantage to getting payment that you deserve for the work you have done. While you may be able to access online services to attempt to file a lien, the complex nature of the process means you are taking risks with your company that you may not be able to afford.