Oral contracts do exist and are legally enforceable in Texas, as a matter of law, if they meet necessary legal requirements and specificity. Adequate consideration must be given between the two parties of a verbal contract to make it binding. Adequate consideration is defined in two ways: (1) having a mutual reciprocal exchange [bargained for [...]

General Partnerships in Texas are more common than people think. Individuals in the Dallas / Richardson area that form a business by oral agreement have unknowingly created a general partnership. General partnerships are common when two aspiring entrepreneurs orally decide to start a business and proceed without proper guidance from a lawyer. The Court will [...]

Do you have a plan if the family business must change hands because of illness or retirement? Why is it important to start considering a business succession plan for your business? A succession plan will establish an orderly transfer of the management and ownership of the business to new managers and owners to avoid liquidation [...]

Before signing a contract, read through it carefully.  Have an attorney review the contract.  Make certain that you know what obligations are stated and/or implied.  If you are uncertain as to your duties and you sign the contract, you may be liable for a future unintentional breach of the contract. Contract negotiations, especially in the [...]

A corporation is a legal entity that is granted a charter recognizing it as a separate legal entity having its own privileges, and liabilities distinct from those of its shareholders.  When it is formed it becomes a separate entity from the people who own the stock of the corporation.  For this reason, a corporation’s actions [...]

Contracts are the concrete pillars of our capitalistic society and govern all transactions promoting trust and stability within our American culture. An individual that enters a complex contract regarding a commercial lease, any professional services, or business and franchise agreements must be aware of two killer provisions that may be game changers if the need [...]

A For Profit Corporation can be a useful tool if utilized appropriately. One major problem with a For Profit Corporation is the lack of flexibility to dissolve the Corporation when a disagreement arises between the equity shareholders. If ownership in a For Profit Corporation consists of 50% – 50% split in equity then there may [...]

Before signing a contract, read through it carefully.  Have an attorney review the contract.  Make certain that you know what obligations are stated and/or implied.  If you are uncertain as to your duties and you sign the contract, you may be liable for a future unintentional breach of the contract. Contract negotiations, especially in the [...]

A For Profit Corporation can be a useful tool if utilized appropriately. One major problem with a For Profit Corporation is the lack of flexibility to dissolve the Corporation when a disagreement arises between the equity shareholders. If ownership in a For Profit Corporation consists of 50% – 50% split in equity then there may [...]

There are many business structures an entrepreneur may employ in forming his business. Each structure is somewhat different and choosing a specific business model depends on each entrepreneur’s specific needs. Below are 6 important business vehicles that any entrepreneur should explore before making their final decision to start their business. The Sole Proprietorship: This business [...]