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DOING BUSINESS IN TEXAS – ENTITY OPTIONS FOR STARTUP

DOING BUSINESS IN TEXAS – ENTITY OPTIONS FOR STARTUP

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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

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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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