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Protect business interests when a special someone is interested
If you worked long and hard to build a business in Texas, you most likely understand how crucial it is to protect your interests. Like other business owners, you live a dual life. There's your professional side, and then there's your personal life. Building, launching and sustaining a business takes a lot of time. Many business owners will tell you they don't have much time for private lives, but most try to fit a little rest and relaxation into their schedules from time to time.
Perhaps you were able to do so and finally met that special someone. Maybe you were even lucky enough to find a partner who fully supports your entrepreneurial efforts and is willing to make whatever sacrifices necessary to help keep your business afloat. As the two of you consider marriage, you might want to think ahead and be as prepared as possible for any curve ball life may throw at you one, five or 10 years from now.
What's next? Planning your exit from your small business.
Successfully owning and operating a small business is part of the American dream for many people. As a Texas business owner, you know the challenges that can come from being your own boss and navigating the complications of entrepreneurship, but that should not stop you from thinking ahead to your future.
It is easy to have your complete focus on the present to the point that you forget to think about what will happen in the future, but succession planning is important. Regardless of the type or the size of your small business, you will find peace of mind in knowing that you have planned for contingencies and protected the interests of your loved ones.
Important questions to answer
Simply telling your spouse or a loved one how you want to leave your business is not enough. Whether it is after your unexpected passing or retirement, something is going to happen to your business. You have the right to decide exactly what happens to it, and you can do this with a proper succession plan.
Partnerships on the rocks
Maybe you were friends since high school or you met in a university business class. Wherever your partnership began, it blossomed into the business arrangement that has served you successfully for years. Lately, however, you and your partner are not always seeing eye to eye.
With some foresight, you may have drafted a partnership agreement early in your business relationship. That agreement can guide you as the two of you make decisions about the direction in which you want to go. If no such agreement exists, you may want to consider how you can protect your interests in case the disputes escalate into a storm.
Getting to the root of the problem
Partners grow apart. It happens. You and your associate may have differing ideas about the future of the company, or your personal lives are interfering with your work relationship. There may be another cause altogether. Some common reasons why partnerships flounder include the following:
A merger is a complicated legal process
Whether in Texas or elsewhere, companies that combine typically do so with the purpose of benefiting all parties involved. A business merger is a complicated legal process. If you choose to pursue a merger as a company owner, it will take careful planning to ensure a smooth execution.
Whether your company is big or small, there are a lot of things to consider before signing any contracts to combine with another business. An experienced business law attorney will be able to assist you with all of the legal aspects of your merger in order to ensure everything is up to par and to help you move the process along as swiftly and smoothly as possible.
Is a merger right for my business?
Deciding whether a merger is right for your business can be a difficult question to answer. There will need to be a thorough evaluation of many factors before making this move. These factors include the ability to protect company values and standards and determining if the merger fits one's plans for future growth and development - among many others.
Are non-compete agreements enforceable in Texas?
Non-compete agreements are a popular way for businesses and companies of all types and sizes to protect their intellectual property and trade secrets. Employers can ask new employees to sign contracts that would only take effect after the employee-employer relationship ends. While there are a variety of reasons why non-compete agreements can be beneficial, they should be carefully worded and drafted with the help of an experienced attorney.
In some cases, a non-compete contract can become the center of a legal battle between a person and his or her former employee. The court may closely scrutinize these contracts, and, as an employer, you would benefit greatly from experienced guidance when developing this type of contract.
How you can protect your business interests in a non-compete agreement
Non-compete agreements are enforceable under Texas law as long as they meet certain requirements. They must clearly demonstrate that a business interest, such as a trade secret, is truly at risk, threating a business's bottom line, but they must also not place an unfair burden on the former employee or restrict his or her ability to earn a living.
Why non-compete agreements are important to your small business
If you run a small business in Texas, you may have the goal of building a staff that is like an extended family. You hope to hire employees who are enthusiastic and reliable, and you want them to feel that you trust them. This may be one of several reasons why you may be reluctant to ask your new employees to sign a non-compete agreement.
However, a non-compete contract - or any covenant that restricts competition - may be valuable to a small business in many situations. Much like a prenuptial agreement does with marriage, the non-compete contract can minimize complications and costs if an employee leaves your company.
A non-compete is good for your company
Competitive restriction contracts state that your employee cannot work for a competitor company or start his or her own similar company for a reasonable period of time within a reasonable geographical area after leaving your employ. Such a contract may also stipulate that an employee who leaves your business cannot recruit your customers or disclose any confidential information about clients or products.
Know the costs associated with buying a house
Buying a house in a new neighborhood is one of the most exciting things you can do. Your home may also be your biggest investment, and it's important that you prepare for the responsibility that comes with it. No longer can you call your landlord to fix appliances and common problems, but the pride that comes from owning your own home more than makes up for it.
The cost of the house is only one of the things you should look at when you are determining which house to buy. Some new homeowners get in over their heads without realizing all the costs associated with the purchase. Here are a few to watch for when you are setting your price limits and budget.
Home inspection
Before you close on your house, your mortgage insurance company will want to inspect the home to make sure everything is up to par and in good shape. According to the U.S. News and World Report, these inspections may cost several hundred dollars. While the cost may be unexpected, it's also worth paying to have the peace of mind that there are no serious problems with your home.
Requirements for getting your small business started in Texas
Starting a business can be one of the most significant decisions you ever make and the legal process can seem daunting. Each state has different laws and regulations regarding the formation of small business and having an understanding of them before you get started will make things easier for you as you go about the process of forming your small business in the state of Texas.
Business structure
Before you can register your newly formed business, you must decide how your business will be formed. There are many different types and each has its advantages and disadvantages in different circumstances. The different types of business structures include,
· Sole proprietorship
· Limited Liability Company
· Cooperative
· Corporation (C corporation and S corporation)
· Partnership
Because each structure is different, they are treated differently under the law. They all have requirements specific to their type and they can be somewhat confusing if you are unfamiliar with them, but the United States Small Business Administration (SBA) has guides that provide information and assistance should you need it.
Understanding mechanic's liens in Texas
Buying a home should be an exciting, fun time for any family. Unfortunately, many end up with bad experiences because they didn't do their homework first. Before you buy a home, there are many details you can't afford to overlook. Once you're approved for financing, the house has passed inspection and you are ready to move in, there may still be one problem with your home you are unaware of. In order to cross everything off your list when buying a home, you may want to first check to make sure you don't have a mechanic's lien against it or determine if you are responsible for it.
What is a mechanic's lien?
When a new home is built or an older home remodeled, a general contractor is often hired to handle the project. This individual bids out the jobs, schedules the subcontractors and makes sure that your suppliers and contractors are paid. If the contractor fails to do his job, you may end up with a lien on the property called a mechanic's lien.
When should you consider action for a non-compete violation?
Clarity is the most important detail in any contractual agreements. It is a legal essential, yet certain documents always have more terminology that is left open to interpretation. The non-compete waiver an employee signs when changing jobs is among those, with key elements that determine if it is enforceable if it is challenged in court. The agreement is a means of protection for the business but it cannot hinder the former employee's prospects.
Key terms
Texas courts enforce a non-compete by how reasonable the demands are.
Specifically this pertains to:
- Protection of business assets and information
- Scope of non-compete (meaning time period of the agreement and job duties before and after)
- Geography of non-compete
Uncertain terms
Legal questions arise when a business loses an employee because these terms themselves are variable. What is a reasonable time period or geography to include in a non-compete agreement? If your main competitor is 99 miles away, can you define the non-compete as effective within 100 miles, for example, if your region is typically defined as a 50-mile radius? If a salesperson of your software firm is leaving to work in sales for a vacuum company, is there enough crossover to justify action?
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817-645-1717
