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The State of Texas will generally frown upon contracts and other business arrangements that restrict employees from changing jobs as they see fit. Free enterprise is big in Texas and the state approaches any potential restrictions on trade or commerce with great trepidation. In fact, the Texas Free Enterprise and Antitrust Act of 1983 deems unlawful any contract or agreement that restrains trade or commerce, with certain exceptions being made. The exceptions allow for a balance between free trade and businesses still being allowed to take steps to protect their interests. With this being said, are non-compete agreements in Texas…
Buying a business can mark the start of an exciting entrepreneurial adventure. It can also mark the start of a disaster waiting to happen if you do not do your due diligence in fully investigating the business you are purchasing. Without putting the work in and reviewing the business details closely, you risk falling into a money pit that may be more stress than it is worth. Here, we will discuss how to protect yourself and your business venture by conducting due diligence prior to buying a business. How to Conduct Due Diligence Before Buying a Business Due diligence is,…
It seems that more and more websites are touting the ease and cost savings of DIY legal resources. Proclamations of setting up your own business without the legal feels fill the internet. Avoiding the need to retain an attorney and do things on your own are pushed toward the masses. This is an important reminder to tread with caution when approaching websites that offer an easier, cheaper way to set up your business on your own. Trying to avoid the perceived complication of retaining an attorney can create a host of other complications that can jeopardize your business right from…
Have you come up with a great business startup idea? It can spark excitement like a few other things. The idea, however, is just the beginning. There are many steps to take before you can make it a reality. While dealing with financials is likely not as exciting as coming up with your great business idea, it is essential to building a successful business. Know what you are getting into before you start. Planning and execution of a financial plan for your startup can be crucial to its success. To do so, you will need to know what your projected…
Having a great idea for a business is just the beginning. Actually setting up a business for success and working through all of the formalities required to get a business up and running can be an arduous process. It is, however, an important one. How you set up your business will have significant impacts on how it is run, your personal liability, and your tax liability. One of the biggest decisions you will need to make is what type of business structure to establish. Have you ever heard of a co-op business structure? Read more to see if it might…
A stakeholder is considered to be any person who has an interest in a company. This means that the term “stakeholder” is actually quite general. Think about who could have an interest in a company. An employee, a supplier, a partner, and others could be considered stakeholders. Furthermore, a stakeholder could be an investor in a company. These are all people or organizations which have a stake in the company being successful. What exactly is, however, the role of a stakeholder in a company? We will discuss more on this here. What Role Do Stakeholders Play in a Company? The…
Starting a business will involve many decisions. Perhaps one of the most important decisions among them will be how you will structure your company. The legal structure of a business will impact its very foundation, all the way up. It will impact how much is paid in taxes. It will impact personal liability. It will impact how to set up the business as well as how money can be raised for the business. An individual decision that will depend on the circumstances of every business owner, you should avoid approaching the choice is if one business structure is better than…
There are many considerations when you make the big decision to set up a business. It may be difficult to even know where to begin. There are, however, certain logistics and formalities that will need to be observed in order for you to be able to successfully navigate these new waters and establish your business. Among the many questions you may have as you set up your business may be whether or not your business will need a separate tax identification number. Does My Business Need a Separate Tax Identification Number? A tax identification number is a nine-digit identification…
In business, you will likely deal with one or more different types of property agreements. You may lease space for your business. You may buy space for your business. In any case, it can be critically important that you both make sure that the necessary terms are included in the property agreement and that the terms of the property agreement fall in line with your business goals. Here, we will go into more details about what you should be on the lookout for in a property agreement. What to Look for in a Property Agreement While it may seem…
While it may have felt like 2021 would never arrive, here it is! The new year is upon us and it is the perfect time to really reflect on your business. Take the time and make a concerted effort to think about where you want your business to go and how you are going to get there. When you have a small business, it can feel like there is never enough time to accomplish day-to-day tasks let alone plan for the future of your business, but this is also an integral part of helping to ensure the continued success of…