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Why You Should have a Buy-Sell Agreement

Why You Should have a Buy-Sell Agreement

Contrary to what many people may believe, a buy-sell agreement does not govern a transaction in which one company buys another company. Instead, this agreement is between the co-owners of the same business, and it serves a very specific purpose to help maintain ownership interests in the company. Specifically, these agreements dictate when owners have the right to purchase another owner’s interest before it goes to another party. Buy-sell agreements can come into play in numerous situations when one owner’s interests may be in jeopardy. Such situations include: An owner needs to file for bankruptcy An owner wants to retire An owner passes away An owner gets divorced The following is one example when a buy-sell agreement might come into play. A company has four owners and one of them…
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Top Mistakes That New Business Owners Make

Top Mistakes That New Business Owners Make

Launching a new enterprise is never easy, and many people end up learning valuable lessons along the way. But wouldn’t it be nice to have some idea of what’s waiting up ahead, so you can avoid some of these lessons, and the potential costs they come with? If you are getting ready to open a new business, and want to give yourself the best chance at long-term success, preparation is key. There are so many things to think about, before you launch, that it’s all too easy to lose track and make mistakes. While there is no ideal, fool-proof plan for every new business, there are a few common blunders that new entrepreneurs tend to make. Here are a few things to avoid: Not planning ahead It might seem like…
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Is It Time to Think About a Business Estate Plan?

Is It Time to Think About a Business Estate Plan?

For many people, their business is extremely valuable to them, almost like a member of the family. So when it comes to estate planning, they may be left wondering how their company fits into their overall future goals. Depending on your unique vision, there is a way to create a business estate plan that will give you peace of mind. Some people choose to keep their enterprise within the family, others wish to sell the business, and still others may have another plan in mind. These things can be arranged to occur before or after your passing, and a qualified business estate planning attorney in Houston can help you do this. A business estate plan is sometimes known as a “succession plan,” and it’s never too early to think about…
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Don’t Fall Into These Business Transaction Traps

Don’t Fall Into These Business Transaction Traps

Legal transactions are the bread and butter of any business. From retail sales in a storefront, to acquisitions of entire brands, the financial fine print is crucial. If you want to set yourself up for success, whether your company is currently worth millions or only thousands, it’s important to know what you’re getting in for, with each and every transaction. Working with a qualified business attorney in Houston can save you money and stress over the long run, because they can prepare your company with airtight paperwork and targeted strategy. There are many ways that a business transaction can go south, or at the very least, not work out in your favor. But when you’re equipped with the right plan, you can avoid many of the traps of modern commercial…
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4 Ways to Protect Your Business From Lawsuits

4 Ways to Protect Your Business From Lawsuits

When you own your own business, you’ve poured your heart and soul into making it a success. In today’s litigious society, most business owners are terrified of lawsuits, and want to protect themselves in all ways possible. Just one lawsuit, especially when it involves personal injury or other public-image-heavy incident, can be enough to take down even the most established business. If you have invested your whole life into making your enterprise grow, you should do your due diligence to safeguard it from costly lawsuits. There are many different ways to protect your company, but only a qualified Houston business attorney will be able to advise you on the best course of action for your circumstances. However, here are a few things to keep in mind, when you are hoping…
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Creative Ways to Fund Your Startup

Creative Ways to Fund Your Startup

Every new business needs financial support. Without this vital cashflow, operations may never take off, especially in today’s highly competitive market. Basic inventory, marketing, and initial payroll needs have to be met somehow, and too many entrepreneurs try to squeak by without securing the right funds first. People put themselves on a fast track to burnout by working round the clock for no pay, trying to launch their enterprise. However, there are many options for funding out there these days, so there’s no excuse to skimp, or not do it right the first time. Many people immediately think of traditional bank loans as a primary source of business funding, and while these are certainly a good option for some, there are dozens more possibilities that may suit your needs better.…
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What to do when you receive a demand letter

What to do when you receive a demand letter

You received a Demand Letter and Now What? Sometimes, deals do not work out as planned. If you are a Texas business, you may be on the receiving end of an allegation that you have breached a contract. These days, we see allegations first come up in text message exchanges or emails and only when those issues are not resolved do we see an attorney write a demand letter or contact the alleged breaching party. Regardless of whether you hire an attorney, there are a few things to know and do when you receive a demand letter. Examples of a breach of contract For an example, let's think of the construction industry, such as in a buildout of a bar or restaurant. The new business owner acquires a commercial lease,…
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Thinking of Buying Commercial Property? 3 Things to Know

Thinking of Buying Commercial Property? 3 Things to Know

While many businesses today have to utilize the online world in order to succeed, there is still nothing that can replace a physical space. Whether you are opening a restaurant or looking for a warehouse for your retail goods, commercial real estate may be an important part of your company’s development. However, buying or leasing property for your business can be a risky process, especially for those brand-new to the marketplace. With large sums of money on the line, and lots of fine print in the contracts, it’s all too easy to take a gamble with commercial real estate and lose. If you are hoping to start a new business, or expand your current one, the right facilities are essential. Here are a few things that you should keep in…
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Why Every Restaurant Should Have an Attorney

Why Every Restaurant Should Have an Attorney

The hospitality and food industry is one that is consumer-centered, and thus, caters to the needs of all kinds of people. Because of this high volume of public interaction, restaurants need to be extra careful to have all of their ducks in a row, in order to keep their doors open. Unfortunately, we live in a litigious society, and small businesses are having to work harder to minimize liabilities and handle consumer issues without derailing their entire enterprise. However, there is still the myth among entrepreneurs and restauraneurs that you don't necessarily need a Texas business attorney after your doors are open. Sure, many new restaurants utilize lawyers to get their filings in place, to acquire licensing, and to build the structure of their company. But once they’re open for…
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Top 3 Reasons to Hire a Business Attorney for Your Start-Up

Top 3 Reasons to Hire a Business Attorney for Your Start-Up

Starting your own business is one of the most exciting and complicated ventures you may ever take in your lifetime. From the initial concept to opening your doors, you will have many decisions to make and legal documents to sign. Many entrepreneurs find that partnering with a business attorney when starting their company is extremely beneficial. There are several areas where a business attorney can help your start-up including: Creating contracts and partnership agreements: Starting a business requires many different documents that need to be signed and filed properly. Two of the most important kinds of documents you will encounter are contracts and partnership agreements. Contracts can be with new employees, vendors, or independent contractors, while partnership agreements are for businesses which have co-owners. An attorney can help you create…
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