As a business owner in the Lone Star State, you’ve invested countless hours, resources, and passion into building your company. Yet, many entrepreneurs overlook a critical aspect of long-term business protection: comprehensive succession planning that addresses potential incapacitation or unexpected death. This oversight can lead to devastating consequences for your business, your employees, and your family. Texas-Specific Succession Planning Considerations…
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, temporarily halting the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. This decision delays the January 1, 2025, compliance deadline for reporting companies formed before 2024. Key Implications for Businesses: Recommendations for Businesses: How…
Business contracts outline the terms of commercial relationships, ensuring all parties understand their rights and responsibilities. Clearly defined contracts protect interests, reduce risks, and help avoid disputes. Each clause within a contract has a distinct purpose; moreover, it addresses potential challenges that could emerge during the business relationship. Familiarity with these clauses is vital for protecting your company. At Clausewitz…
For Texas limited liability companies (LLCs), having a well-drafted company agreement is not just a best practice—it’s a crucial step in establishing clear governance, protecting members’ interests, and ensuring smooth business operations. Here’s why a company agreement, crafted with input from legal counsel, is essential for Texas LLCs: 1. Clear Governance and Structure A company agreement serves as the foundational…
Disputes are an inevitable part of running a business, but proactive measures can significantly mitigate their impact and frequency. By implementing effective strategies early on, business owners can foster smoother operations, maintain positive relationships, and safeguard their bottom line. Here are essential tips and techniques for addressing and preventing disputes before they arise: 1. Clear and Comprehensive Contracts Start Strong:…
The recent decision by the Federal Reserve to cut interest rates has far-reaching implications for businesses across various sectors, including small and midsize enterprises. As a business law firm dedicated to supporting entrepreneurs, we delve into what this decision means from both legal and business perspectives. Legal Considerations of the Rate Cut Business Implications for Small Business Owners Strategic Considerations…
Last summer, Governor Greg Abbott signed HB 19 into law, marking a significant milestone in Texas legal history—the establishment of the Texas business court. Set to open its doors on September 1, 2024, this court has captured the attention of Texas trial lawyers and business owners alike. Now, with the Texas Supreme Court proposing its initial procedural rules, the vision…
As a business owner, your company is likely one of your most significant assets. It represents your hard work, investments, and aspirations for the future. However, it is equally important to consider what happens to your business in the event or your incapacity or death. To ensure a smooth transition and protect the interests of all stakeholders, it is crucial…
There are many different provisions that go into a contract. Some of these provisions are standard, some are unique to each circumstance, and some are a mix between those two. However, every contract should have provisions that address how disputes between the parties will be handled. This may include provisions that dictate choice of law that will be applied to…
As a business owner, you’re ready to get up and running, but not so fast. There are many layers and intricacies to business owning, so getting on the same page with your partners, peers, and employees is essential to operating a successful business. If you’re starting a business, you might have heard of an LLC, also known as, Limited Liability…
