If you're in a business partnership in Texas that is coming to an end, and you or your partner wants to continue operating the business, it should be converted into a sole proprietorship. Ensuring this change in the entity is handled correctly is essential. Addressing...
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Three sections to include in any business partnership agreement
If you're thinking about starting a business in Texas, you might not want to do this by yourself. Fortunately, many business owners get the help they need by establishing a business partnership. Before officially starting a company with your new partner, it's...
Why detailed partnership agreements are important
Partnerships are a great way to run a business in Texas as you can pool your talents with one or more people. Properly setting up a partnership requires a sound agreement that outlines how the company will operate. Here are several points that you should include when...
What are the three types of business partnerships?
Forming a partnership in Texas is a good way to take advantage of pooled strengths among professionals who have a common business interest. It is important to develop a thorough agreement between you and your partners that defines the terms and goals of your...
The characteristics of the wrong business partner
Working with a partner may be an effective way to ensure the survival of your Texas business. However, there is no guarantee that your partner is going to be able to help your organization achieve its goals. A lack of communication skills, an inability to take...
Formulate a Management Agreement to Avoid Disputes
Anyone entering into a business relationship in Texas should know that it is a lot like a marriage in many ways. Unless your business is a single-member entity (i.e., there is only ONE person involved), you will find it necessary to work closely with other...
What rights do you have as a business partner in Texas?
Before entering into a partnership, you should know what your rights are, in order to prevent legal and financial issues. Ideally, you should have a written contract that sets forth how the partners will resolve conflicts and disagreements, and how a partner withdraws...
How can partnership disputes be avoided?
Running a Texas business with a partner may increase the chances that your company will be successful. However, as with any relationship, there is a chance that you and your partner will disagree from time to time. Fortunately, it may be possible to prevent a...
Three positive attributes of a business partner
A business partner may be able to help your company grow into a thriving and sustainable entity. Ideally, this person will be someone who shares your business philosophy, and will also be someone with whom you get along on a personal level. Even with the right...
How are internal company business disputes settled?
All businesses can have internal problems when partners disagree on the right direction for the company. Businesses are interested in growth, but how to get there is often debatable. This can be especially true with businesses when there are multiple business partners...
