Limited Liability Company: A limited liability company (LLC) is not a partnership or a corporation. An LLC is a distinct type of entity that has the powers of both a corporation and a partnership. LLCs are very common these days and we definitely set up more LLCs than any other business structure. The owners of…
I’m sure all of your experienced some type of distress or property damage from the recent winter storm. I actually had a roof leak develop in my dining room and multiple outside faucets sporting “ice beards” of frozen water. I couldn’t find my homeowner’s insurance policy, so I just called the insurance company and started…
Corporations. Most people are familiar with big corporations that make products or provide services we all regularly use, such as Ford and American Airlines. However, the corporate business structure is also available to individuals. In Texas, a corporation is created by filing a Certificate of Formation with the Texas Secretary of State and paying the…
There are certain areas of construction for both developers and subcontractors that we know asattorneys are consistent problem areas. Today, I am going to focus on the most sensitive area whichcauses probably the most grief for everyone involved – paying and getting paid. On the owner/developer side, we see issues of subcontractors not performing to…
The week of February 14, 2021 will not soon be forgotten and many of usare still dealing with issues that arose from frozen pipes. It is easy to understandand expect that plumbers or wannabe plumbers are well aware of these issues.While the need to act quickly is very important, we still need to actcarefully. Plumbing…
As mentioned in Part 1, two other typical business structures in Texas are the “general partnership” and “limited partnership.” A general partnership is created when two or more persons associate to carry on a business for profit. There is no law in Texas mandating that the “partners” sign a written partnership agreement and there are…
The biggest fear I have as an attorney representing businesses is their lack of protecting their trade secrets. Most business owners do not realize the protection provided under the law in most states for those items included in the category of “trade secrets.” For instance, do you realize that your client lists, methods in performing…
You have decided to start a new business and realize that no matter what your business does, creates or builds, you of course have no desire to be exposed to personal liability if something does not go as planned. Unfortunately, there is no 100% guaranteed “iron clad” (not a legal term, but we hear it…
We have seen numerous reports that homeowners are active on home improvement and remodeling projects during the Covid-19 pandemic. North Texas seems to be one of the especially active regions for remodel work. This is of course great news for both remodelers and homeowners. However, given the ongoing concerns about Covid-19 and the fact that…
