Your Legal Plan Should Reflect
What Matters Most to You
There are specific standards to which businesses must adhere. As a business owner, it is crucial that you have an attorney you can trust to assist you in navigating these standards.
Vance E. Hendrix specializes in business law and also handles a wide array of business-related legal concerns, including:
One of the very first decisions a business owner will make is how to structure the legal entity in which the business will operate. There are a number of options available to you. As a result, many factors go into making a final decision on the formation of the company. Some of those factors include business goals, number of employees, growth opportunities, availability of capital, and liability concerns. The use of outside investors is also a consideration.
Common entities include:
As one of the most common legal entities when forming a business, a general partnership is an agreement between partners to establish and run a business together. All partners are responsible equally for the business and are also subject to unlimited liability for business debts.
Limited Partnership (LP)
This entity is made up of two or more partners. A limited partner is one who chooses to invest in the business. However, they forfeit any right to make decisions about the business. In addition, they do not have personal liability for business debts.
Limited Liability Partnership (LLP)
At its most basic, an LLP is a flexible structure that allows a partner’s liabilities to be limited to the amount they put into the business.
A legal entity that is separate and distinct from its owners.
Standing for a Small Business Corporation, or Subchapter S Corporation, an S- corporation is a special tax status granted by the IRS that allows corporations to pass corporate income, losses, deductions, as well as credit through to their shareholders for federal tax purposes.
A professional corporation is a corporation of professionals that are incorporated under the laws of a specific state – in this case, Texas. In addition, they provide a professional service.
Limited Liability Company (LLC)
LLCs limit an owner’s personal legal liability and can be used to own and run almost any type of business. They’re also extremely popular, because LLCs can be used for any size business.
Every business owner needs someone who can give them quality legal advice – a person who will listen to their questions and take time to understand the nuances of their business from the very beginning.
At Vance E. Hendrix, listening to our clients is a priority. When you’re starting out in business, you’ll need more help than you will once you are up and running. Because of this, I can help you with everything you need to get started. This can range from questions about limiting legal liability, employment discrimination, product liability, as well as all applicable local, state, and federal laws and regulations.
It may feel daunting at first, but once you know you have someone on your side, advocating for you and also helping you put your best foot forward, you can be confident and at ease.
When married couples enter into a business together, both partners need to establish a business plan together and separately. Should there be a dispute and one partner wants to leave the business, there needs to be a clear path for extrication. This is because it’s always best to plan for any contingency. Take the time to discuss and make plans now, in a calm and unemotional setting, should there be disputes later. These healthy discussions should include topics like:
- Formation of new businesses, LLC, or partnership
- Sale of the business
- Dissolution of the business
- Confidentiality and non-compete agreements
- Agreements for asset purchases and buy-sell agreements
- Stock options
- Lease agreements
Call Vance E. Hendrix today to schedule a conference. As a result, you can get the representation you need from a business law attorney you can trust.