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Choosing the Right Business Formation Structure for Your New Company
The entrepreneurial spirit is strong in Texas, so it is not surprising that hundreds of thousands of new companies are formed in the Lone Star State each and every year. Most of these new companies are smaller and primarily serve their local communities. Others aim to reach consumers far and wide online. And still, other companies are launched as large, complicated operations with broad appeal and aims to expand as rapidly as possible.
The law recognizes that companies meant to serve the residents of a small town and those with aspirations of becoming international tours de force need to be structured differently. In order to serve companies operating under a range of circumstances, Texas allows business owners to choose from a variety of different business formation structures when they go through the process of having their new enterprises recognized by the state.
Your Primary Options
There are four primary formation structures that new Texas business owners can choose from. Some of them are more well-suited to smaller enterprises and others are more well-suited to higher-risk ventures and complicated operations. They all feature potential benefits and drawbacks:
Can Mediation Be Used to Resolve a Will Contest?
When a beneficiary or family member of a deceased individual believes that the individual's will does not reflect the decedent’s actual wishes, they have the right to contest the will. Unfortunately, will contests are often extremely stressful and emotionally charged. If the dispute advances to litigation, the case becomes even more complex.
Mediation is an alternative dispute resolution method in which a third party facilitates constructive discussions and negotiations between the opposing sides. If you are involved in a dispute regarding a deceased person’s estate, mediation may be a worthwhile option.
How Does Mediation Work?
One of the most common situations in which a will is contested is one in which a party believes that the decedent intended for them to receive certain property, but the will does not reflect this. Will contests can also occur when beneficiaries believe that the decedent's property has been distributed unfairly or in a way that the decedent would never have chosen.
Forming a General Partnership? Avoid These Common Mistakes
Two heads are often better than one. In a business partnership, business owners benefit from multiple perspectives and skill sets. Partners share start-up costs and business responsibilities, have greater borrowing capacity, and are less likely to suffer from burnout.
Co-owning a business with one or more partners can certainly be an effective business strategy. However, there are also pitfalls that partners must be aware of. In this blog, we will discuss some of the most common mistakes partners make that increase the chances of disputes and decrease the chances of long-term business success.
Mistake #1: Not Specifying Capital and Equity Divides
Many partnerships are formed between close friends, colleagues, or even family members. Consequently, partners may assume that there is no need to formalize all of their agreements. They assume that the partners will act in good faith and operate on an honor system regarding capital and equity divides. Unfortunately, this common mistake often leads to significant conflict and even legal disputes. All partnerships should involve a partnership agreement specifically stating how business expenses and equity are divided between the partners.
How Can a Breach of Contract Be Addressed Through Business Litigation?
Contracts are the backbone of any business relationship, and if one party does not fulfill their contractual duties, then the other party may need to take action to address the breach of contract. Since a breach of contract can be a serious issue that can cause financial or reputational damage to a business, a business will need to understand how to address these matters through business litigation. By understanding the procedures that will be followed in these cases and the remedies that may be available, business owners can take steps to protect themselves and resolve contract disputes effectively.
Legal Options for Addressing a Breach of Contract
A contract is a legally binding agreement between two or more parties that outlines their obligations and responsibilities. When one party fails to fulfill their obligations as specified in the contract, the other party or parties may need to take action to address the financial losses or damages they have experienced as a result. A breach of contract can take many forms, such as failure to pay, failure to deliver goods or services, or failure to perform services as agreed.
What Happens if Someone Contests a Will Based on Lack of Testamentary Capacity?
Texas law allows individuals to dictate how their possessions and property are distributed upon their death. A last will and testament is the most common estate planning document used for this purpose. However, a will must be valid in order for the court to follow the directions contained in the document. There are many different reasons why an individual can contest, or challenge, the validity of a will. Arguing that the will-maker, or testator, did not have the testamentary capacity is a common reason for will contests in Texas.
What is Testamentary Capacity?
Like any legal document, a will must be entered into willingly. If an individual does not have the cognitive ability to understand their will and what they are agreeing to, the will is not valid. If someone contests a will on the basis of lack of testamentary capacity, they are essentially arguing that the testator did not understand what was happening when they created and signed the will.
Red Flags to Be Aware of When Signing a Commercial Lease
For entrepreneurs and business owners, finding a commercial property to run your business out of is often a significant challenge. Once an adequate space is secured, the next step is to sign a commercial lease agreement and make the landlord-tenant relationship official. Unfortunately, most business owners are juggling countless responsibilities, so it is easy for them to overlook red flags in the lease agreement. Signing a bad lease can lead to unnecessary costs and major legal headaches down the road.
Unclear or Ambiguous Terms
A lease should provide detailed information about the obligations and expectations of both the landlord and the tenant. If there is anything that is not clear, it is important to ask questions before signing the lease. Get the answers in writing. Ambiguous or overly broad language can be used to exploit a tenant's ignorance and can leave them vulnerable in the event of a dispute.
What Are the Benefits of a Living Trust?
Estate planning is not a one-size-fits-all endeavor. Each person's individual situation and wishes must to be taken into account when constructing a plan that meets their needs and the needs of their loved ones. One of the most popular estate planning choices that may be useful to you is a living trust—a written agreement that designates how assets are distributed upon death or incapacitation. Living trusts can offer numerous advantages, including avoiding probate court, reducing estate taxes, and providing more control over the distribution of assets.
Assets Transferred with a Living Trust Do Not Have to Pass Through Probate
Probate is a long, often costly court process involved in settling a deceased person's estate. During this time, assets are frozen until the courts have sorted through them all and distributed them. Understandably, most people want to avoid putting their surviving loved ones through the probate process. Unlike assets transferred through a will, assets transferred through a living trust avoid probate for faster and simpler distribution.
Is Your Small Business Compliant with the Americans with Disabilities Act?
In the United States, all businesses with 15 or more employees must comply with the Americans with Disabilities Act (ADA), which protects workers with disabilities from discrimination within the workplace. Any failure to do so can result in hefty fines and penalties and may even result in a discrimination lawsuit against your business. The following can help you avoid such consequences by providing you with information on how to ensure your policies are in line with the ADA requirements.
Protection Against Discrimination
Under the ADA, individuals with disabilities and their family members are protected from discrimination in hiring, termination, and opportunities for advancement. This means you cannot deny employment to someone based on a disability or the disability of a loved one. It also means you cannot terminate someone because he or she, or a loved one, has a disability. Individuals with disabilities and employees who have a loved one with a disability must also receive the same consideration when it comes to advancements and promotions within the company.
Laws and Practices Every Business Owner Must Address for Long-Term Success
Maintaining a successful business begins with establishing an operation that abides by the proper state laws and regulations from the get-go. All it takes is one misstep with hiring compliance, license and permits, or tax filing, and your entire business can end up in serious trouble.
Whether you are a new business owner or have owned a business for some time, it is important to take inventory of your current practices to ensure you are complying with applicable business laws and maintaining an efficient, legal operation. Consider the following examples of areas every business owner must address in order to achieve long-term success.
Licensing and Permit Requirements
There are a number of businesses that require federal licensing, such as those involved with activities that are regulated by a federal agency. These business categories can include everything from commercial transportation and agriculture to the sale of alcohol or firearms. Even if your business is not related to anything regulated by the federal government, virtually every business needs to have a permit or license of some sort. The type of permits required for your company’s operation will depend entirely on your state’s rules, the location of your business, and any additional government rules that apply.
What to Expect at Your Home Closing
After months of searching for the perfect home, you have finally found it. You have made your offer, it was accepted, and now you are ready to move forward and complete the purchase. But before you can officially call a house your own, there is one final step in the process: closing. If you are a first-time homebuyer, the closing process can be intimidating. Fortunately, with a little knowledge and some preparation, it does not have to be so scary. Today, we will take a look at what happens during a typical home closing—and what role an attorney plays in it all.
What Happens During Closing?
Closing is the final step in purchasing a home. It involves signing all of the necessary paperwork to make the sale official and transferring funds from buyer to seller. At closing, both parties sign all relevant documents, such as loan agreements and deed transfers. The buyer pays any remaining balance due on their mortgage loan (if applicable), plus any other fees or taxes associated with the transaction. Once all documents are signed, the title is transferred to the new owner, and keys are handed over.
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817-645-1717
