Dallas Business Law Topics

Starting a new business often involves significant document preparation, and you may wonder if you can forgo some of the steps involved in the interest of saving time and money. The short-term solution would be to file and prepare only the minimum to begin operations. The long-term advice is to plan and budget for a robust set of documents which clearly describe all interactions between parties.

If you form an LLC, Texas state law does not require that a limited liability company draft, sign or maintain an operating agreement other than the statutory template agreement provided as a default. However, your business may not fit the standard terms. Each business will have unique partners, financing, or contractual risk that should be clearly written down to reflect your intentions. If you value the time and energy in forming the business, you and your co-owners should memorialize the terms of the partnership because it may help prevent future disputes among the owners of the LLC and protect your limited liability status in the courts.

You did the research, connected with your clients and complied with all of the necessary regulations to get your financial business off the ground. With all the work you put into it, you expect other people to do the same and to repay their part of your partnership. At Palmer & Manuel PLLC, we want to help you get what you are owed if your Texas investments do not go exactly as planned. 

What you may not know is that you are entitled to many of the same legal protections as the major national corporations, even if you are the owner of a small financial company. Furthermore, your contract may give you specific powers of which you are not aware or which you are unsure how to enforce.

Every real estate transaction involves a significant number of legal issues. Every risk can be analyzed as either high or low probability and a high or low expected cost. For commercial transactions, nearly all legal decisions involve a high expected cost. For residential transactions, most decisions carry a relatively low penalty. The pivotal decision is knowing when to hire an attorney to protect your interests and when to rely on "your gut."

In Dallas and cities all throughout Texas, real estate offers a great opportunities to grow wealth, provide cash flow and generate returns for investors, but those who fail to prepare accordingly may face legal issues down the road that could have been avoided altogether.

A partnership agreement is not a requirement to start a new business, but if you are thinking about forming a new business partnership in Texas, or if you have a partnership already established, you should think about drawing one up. According to FindLaw, establishing your own rules by which to govern your business prevents the state from imposing a set of default one-size-fits-all rules upon you. Furthermore, making your own partnership agreement allows each partner to know where he or she stands and what expectations he or she must meet, which may help prevent minor problems from escalating into major disputes. 

One of the most basic items to include in your partnership agreement is the name of your business. You may use a fictitious name for your company, as long as it is not already in use, or you may name it after the partners involved. In either case, your partnership agreement should also include the following information.