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WHY YOU SHOULD THINK TWICE ABOUT ARBITRATION CLAUSES

WHY YOU SHOULD THINK TWICE ABOUT ARBITRATION CLAUSES

THINKING AHEAD AND INCLUDING AN ARBITRATION CLAUSE CAN REDUCE LEGAL FEES When you are putting the deal together and going back and forth on the terms, a dispute can seem like a far off concern and overly pessimistic. But, it is best to at least consider how you want to handle any issues that arise under the contract. Arbitration clauses are intended to direct ahead of time how contract disputes will be resolved.  Arbitration is a method of resolving disputes outside of the typical court system. The parties sign off on arbitration in the contract and based on the language in the arbitration clause, this will be the manner to handle any issues which would otherwise result in a lawsuit. Here are some of the issues to consider in weighing the…
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HOW USING AN INTERNET FORM CONTRACT CAN GET YOU IN TROUBLE

HOW USING AN INTERNET FORM CONTRACT CAN GET YOU IN TROUBLE

REASONS NOT TO USE A FREE CONTRACT FORM If you do a quick google search for a particular contract on the internet, you’ll find all kinds of forms you can view, or even download, to make use of for your business. The best part is these documents are free, and by taking the do-it-yourself approach you can skip your attorney and all the costs that come along with him. You are, after all, a wearer of many hats as a business owner so it is only natural you would take the initiative to be the legal department as well! But, despite the upside noted, there are quite a few issues that come along with using free internet forms instead of working with an attorney. 1. DID YOU EVEN PICK THE RIGHT FORM? You may think…
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SUCCESSION PLANNING FOR YOUR TEXAS BUSINESS

SUCCESSION PLANNING FOR YOUR TEXAS BUSINESS

Most Texas business owners and start-ups don’t think about a developing a business succession plan and strategy when they are choosing an entity and organizing the company. If you have invested time and money in starting your business, assuming you will live forever to operate your business is not a responsible business succession plan. It’s a plan doomed to fail. And with it, the business you’ve worked so hard to build. As with your customized business contracts and management documents, there is no cookie-cutter business succession plan that works for every business. Every business is different and needs a custom plan that takes into account your goals for the business. You need to written plan and agreement, and it’s a lot easier to do this before the crisis occurs. You…
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DOING BUSINESS IN TEXAS – ENTITY OPTIONS FOR STARTUP

DOING BUSINESS IN TEXAS – ENTITY OPTIONS FOR STARTUP

There are many options for Texas business structures a start-up or entrepreneur may select during launch of a new business. The choice of entity is a decision to be reached with your co-venturers, if any, and with an eye towards taxes, limiting liability, and how the entity will be governed. The choice of entity should be made prior to any business operations, and the business should have clearly defined by-laws to govern how the entity will be operated by the owners. Too often the owners neglect to adopt by-laws and there is no guidance for how to resolve disputes between the owners as far as voting, division of power and duties, and the distribution of profits and allocation of losses. You should discuss the proper entity for your new business…
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YES, YOU CAN SUE BASED ON AN ORAL CONTRACT

YES, YOU CAN SUE BASED ON AN ORAL CONTRACT

I’ll tell you what you don’t want to hear but already know: in Texas you should have gotten the deal in writing. Nevertheless, you made a verbal contract and the other party didn’t follow through on their promises. Now, you’ll inevitably deal with a “he said, she said” argument about whether there is even a real contract in the first place. PRELIMINARY DISCUSSIONS ARE NOT ENOUGH Preliminary negotiations of a potential contract are not enough. Among other things, you need a specific offer with defined terms and an acceptance of the offer to contract so the parties know their responsibilities under the contract. This likely includes the price, what is to be performed by each party, and any relevant dates for performance and payments. It is not enough to just…
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