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What Is the Difference Between an LLC and a Corporation?
Starting a business can be an exciting undertaking. It begins with a brilliant idea, then takes shape as a team is assembled, a business plan is created, and a location is found. However, an aspect that is sometimes overlooked is the legal formation of the company. How you establish the entity is a decision that can have long-lasting consequences for the business.
Two of the most popular types of entities are a limited liability company (LLC) and a corporation. Both are designed to shield their owners from legal liability so that their assets are not in jeopardy if the entity fails. However, there are significant differences between the two formations, which this article will discuss. To determine which option is best for your business, consult a Texas business formation attorney.
Ownership
One of the main differences between an LLC and a corporation is the ownership. An LLC is directly owned by one or more of its members. A corporation, on the other hand, is owned by shareholders. The shareholders appoint a board of directors, which in turn appoints the corporation’s officers.
How Do I Prove Breach of Contract in Texas?
Contracts are a fundamental component of successful businesses. As a business owner, your relationship with partners, vendors, and employees depends in part on the contracts you sign with them. These agreements dictate the nature and terms of each relationship, binding parties to their legal framework.
Sometimes, however, a party will not honor the terms of the contract. This can be out of ignorance or willfulness; but either way, a breach of contract can harm your business. Proving a breach of contract in Texas, however, is often a complex legal task. The best way to prove a breach of contract is to hire a Texas breach of contract attorney who will help you collect the necessary evidence and build a strong case.
Before we discuss how to prove a breach of contract, let us begin with the ingredients of a valid contract.
What Is a Valid Contract?
A legitimate contract contains the following elements:
Does the Federal Government Have a Say in Texas Water Rights?
Water rights are now becoming highly political as the federal government seeks to control certain water rights in the state of Texas. Because supplies are limited, water is one of the state’s most valuable natural resources. In June 2024, the U.S. Supreme Court ruled 5-4 against a proposed agreement between Texas and New Mexico regarding the management of water in the Rio Grande. The agreement—which initially included Colorado—was intended to end years of water disputes between the states and fairly divide the Rio Grande basin water.
The water compact relies on an irrigation system managed by the Bureau of Reclamation to distribute water from the Reservoir in Elephant Butte, New Mexico, to NM, TX, and Mexico. In 2022, after dealing with these issues since the initial 1938 agreement, the two states came to an agreement that neatly sidestepped any federal interests. The case went to the Supreme Court, which said the agreement between the states would negatively impact the current Mexico international water treaty. The Supreme Court majority stated, "…we cannot now allow Texas and New Mexico to leave the United States up the river without a paddle."
Tips for Buying Commercial Property to Rent Out
Becoming a commercial landlord is vastly different from becoming a residential landlord. Instead of renting units to families and individuals who will be living there, you will be renting space to businesses that will be using your property as its storefront or office. There are some benefits to renting out commercial spaces as opposed to residential units. Commercial landlords often enjoy greater access to their property. While residential landlords must generally give notice before entering a unit, if the company renting your commercial space is open to the public, you can simply walk in during normal business hours. However, there are also risks to being a commercial landlord. If you are purchasing commercial property to rent out, you must be represented by an experienced Cleburne, TX commercial real estate lawyer.
Can A Will Be Contested No Matter What?
When a loved one passes away, the distribution of his or her assets according to the will left behind may not always align with the expectations or wishes of the heirs. Understandably, this can lead to anger and dissatisfaction, which can rapidly lead to disputes. However, a will cannot be contested just because the heirs are unhappy. There must be a legal basis for such a challenge in Texas.
Lack of testamentary capacity and undue influence are two legally sound and valid examples of when a will can be contested. If you believe you have the legal basis to contest a will or are wondering whether you have the legal basis, contact a lawyer.
What to Know About Lack of Testamentary Capacity
One of the most common reasons for contesting a will is the claim that the testator, or the person who created the will, lacked testamentary capacity at the time the will was made. Testamentary capacity is a big word that refers to the mental fitness of the person creating the will and whether the person understands the implications of his or her decisions regarding the division of the estate.
Types of Damages for Breach of Contract
Businesses and individuals alike rely on others to uphold their contracts every day. When another party you do business with materially breaches a contract, it can cause significant financial harm to your company. If a supplier breaches its contract, your business might not have the materials or supplies it needs to keep operating until the breach is remedied. If a client breaches a contract by failing to make scheduled payments for goods or services you have already provided, your business might be left without the funds it needs to pay expenses. There are several different types of damages you might be entitled to if another company or a client has failed to uphold the terms of its contract. A Hill County, TX breach of contract lawyer can help determine what rights you have in this situation.
Compensation and Remedies for a Material Breach of Contract
There are a few different ways the party in breach of the contract can be ordered to remedy its failure to uphold its end of the bargain. Some involve paying financial compensation, while others involve more direct means of coming into compliance. Possible legal remedies include:
Understanding Leaseback Agreements
Whether you are planning to purchase residential or commercial real estate, there is a chance that the seller will request what is called a leaseback agreement. A leaseback agreement allows the seller to continue to occupy the property for a brief period of time after closing in exchange for paying rent to the buyer. There are many reasons sellers request these agreements. For example, the seller might find out that there will be a delay in when his new home or business location will be ready to move into, or the seller might have difficulty getting his belongings cleared out before closing. Although leaseback agreements are common, they are risky for the buyer. Always consult a Cleburne, TX real estate lawyer before agreeing to a leaseback.
The Risks of a Leaseback Agreement
When you enter into a leaseback agreement, you legally become the seller’s landlord as soon as you close on the property. Some of the risks involved include:
What Happens When You Die With No Estate Plan?
Dying without an estate plan in place is called intestacy. This is a situation best avoided, as the consequences for your heirs can be problematic. With no will and no trust controlling your assets, you have no control over who inherits your property. When the decedent fails to decide within his lifetime who should inherit his property, the state of Texas steps in and decides for him. The goal of Texas’s intestacy laws is to approximate what the decedent probably would have wanted to happen to his property. However, the Texas legislature cannot consider anyone’s unique circumstances, family relationships, or personal goals and wishes. To prevent this unfortunate situation, you will need to work with a Cleburne, TX estate planning attorney to create a will, trust, or both.
How is an Intestate Estate Administered in Texas?
Probate is the only option for administering an intestate estate. Most people who plan their estates are able to avoid probate entirely by using a trust or transfer on death instruments. Probate is a complicated and often time-consuming legal process overseen by a court. There may be significant taxes and court fees associated with probate that could diminish the size of your estate.
Working With Current Tenants When You Buy Property
Few landlords, especially those who own apartment buildings, can wait until all current tenants’ leases have expired before selling their property. If you are buying a property that has already been on the rental market for some time, there will probably be tenants living there when you close. You will be required to honor their leases. Unless you have just cause, you cannot remove the current residents until their leases expire. If the last landlord was a good property manager, taking over occupied units may simplify your job. Otherwise, you may face some challenges with difficult tenants. You should be represented by a Tarrant County, TX real estate attorney when you buy occupied property.
Tips for Working With Current Tenants After Buying an Occupied Property
Some tips for keeping the transition as smooth as possible include:
Preventing Undue Influence Claims
Undue influence is one of the more commonly used grounds for a will contest, as it is fairly easy to claim. It is not unusual for one beneficiary to spend more time around the testator than other beneficiaries. Normally, this is due to geographical proximity. An elderly person may have one adult son or daughter who lives locally while her other children are scattered around the country. The problem arises when the beneficiary who sees the testator more frequently is favored in the will. The other beneficiaries - or even someone who was omitted from the will - may claim that the person who spent more time alone with the testator exercised undue influence. If you are concerned that someone who will likely survive you may make such a claim, a Cleburne, TX will contest attorney can help you strategize to prevent this dispute from ever occurring.
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817-645-1717
