Recently, we have been advising some clients and potential clients regarding possible acquisition opportunities created by the COVID-19 pandemic. The changing customer base and buying habits are substantially changing numerous industries and are creating opportunities for new businesses and businesses whose owners can rapidly change their business and sales models to operate profitability in today's new environment.
COVID-19 is Affecting How you Buy a Business
In Texas, it does matter how you sign your contracts!!
I continually stress to our business clients that they should always sign any contracts, agreements, purchase orders, change orders, or other written documentation with their company's signature block and their representative title, if they intend the agreement to be on behalf of their company. In this day of cut and paste, downloading forms and contracts off the web, a lot of clients seem to forget this wise advice.
I would like to introduce you to our "Family's Attorney!"
In my role as Collin County Commissioner for Precinct 4, I attend a lot of functions, including dinner parties and community events. I don't talk about who I represent unless I have their prior approval, and even then, I am uncomfortable with doing so. So generally, I just don't talk about my lawyering. As a result, a lot of my friends, colleagues and acquaintances think I am no longer practicing law and don't realize that I have an active law practice and a successful law firm in Plano. We handle a variety of legal matters, including business formation, contracting, acquisitions and sales, real estate, taxation, probate and estate planning. We represent individuals, professionals, and small companies and their owners. My legal knowledge, experiences and contacts within Collin County have assisted my clients in countless ways over the years.
The Limitations of an Affidavit of Heirship
We often get calls asking about Affidavits of Heirship, and if they are a good alternative when a loved one dies without a Will. Affidavits of Heirship can be a tempting alternative to instigating a probate proceeding because of the substantially lower initial cost, but there are limitations and risks associated with this alternative. Most financial institutions and title companies fail to advise clients of these limitations and risks.
Ownership of Out of State Real Property
We continue to have a lot of new and existing clients whose loved ones have died with real property interests in other state. They are often surprised when we advise them that in order to transfer title to those interests, they will need to file and go through that state's probate process. Typical out of state real property interests include vacation homes, beach condos, rental homes, ranches, farms, and mineral interests.
Did you know that...
The IRS requires that a person or entity possessing an IRS employer identification number ("EIN") has 60 days in which to report a change in its "responsible party" designation using an IRS Form 8822-B. Further, beginning May 13, 2019, the "responsible party" can no longer be an entity but must be an individual. Currently, the IRS is not imposing penalties for failure to notify it of this change, but the IRS has cautioned that an applicant may not receive a notice of deficiency or notice of demand for tax if it does not have a current "responsible party" designation on file.
I want to start a new business and need a LLC
We get a lot of telephone calls and emails from potential clients regarding the creation of a new business or real estate venture or investment. Invariably the potential client asks us for our estimate of the charges to create the new entity and then asks us why they shouldn't use the self-help legal services websites to advise and form their new entity. The online entity formation tools seem to be cheaper and fairly simple to use. We typically inform these potential clients that the lower cost offered by such options does come at a price that they may well end up paying down the road.
26 Items to Get Your Estate in Order
With the new year starting, I thought it would be good to review and re-post my simplified checklist of the twenty-six items you can do to get your estate in order prior to death.
What Happens to Your Will After a Divorce
Going through a divorce is never a pleasant experience. Divorces impact and disrupt family, financial and personal matters and are normally emotionally charged events in the couple's life. Divorces also impact decisions that were made in regards to estate planning while the couple was married. It is important to know how a divorce will impact your estate planning and the decisions and selections you made during that process.
Why Your LLC Needs an Operating Agreement
Setting up an LLC in Texas is a relatively simple task that requires very little information. To successfully form an LLC in Texas you only need to provide the name of the LLC, the registered agent's name and address, identify the LLC's members or managers, a statement of the LLC's purpose, and identify the LLC's organizer.
