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 [...]

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 Director of a Corporation has specific fiduciary duties that precludes activities that might endanger the Corporation. The certificate of formation may limit or eliminate personal liability of Directors in certain respects such as money damages but there are some concrete fiduciary duties that cannot be dispensed with such as: Breach the duty of loyalty; [...]

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 [...]

Verbal 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 [...]

The Importance of Employment Contracts An employment contract is a legal agreement between an employer and employee in which the terms and conditions of employment are spelled out.  Though there is a body of statute law which governs specific aspects of the employer/employee relationship, such laws only form part of the basis upon which the [...]

At The Nacol Law Firm PC, in Dallas, Texas, we offer legal services related to a range of business transactions for entrepreneurs and commercial enterprises of all sizes in the Dallas–Fort Worth Metroplex and surrounding counties. The business transactions our law firm handles include: Entity selection Business structure counseling Contract negotiations and drafting Partnership/shareholder/licensing/supplier agreements/ [...]

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 [...]