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Plano Texas Legal Blog

Entity Formation Considerations

With the advent of self-help legal websites and advances in on-line entity formation tools offered by many states, it is now easier than ever for anyone to form their own legal entity without the assistance of an attorney. However, the convenience offered by such options does come at a price that you may well end up paying down the road. Here are just a few of the things that you may be missing by opting to go without personal, professional legal representation in setting up a new entity:

PATH Act Permanently Changes Tax Impact of Conversion of C Corporations to S Corporations

S corporations are a creature of the Internal Revenue Code. They are corporations which have timely filed an S election with the IRS to be treated as a "pass through" entity; meaning that they generally pay no corporate-level federal income tax. The federal income tax attributes flow through to the shareholders of the corporation. Most small business entities are "pass through" entities-either S corporations or limited liability companies, taxed as partnerships or sole proprietorships.

An Overview of the Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act or "FDCPA" is a federal statute aimed at eliminating abusive debt collection practices by debt collectors. The FDCPA applies to the collection of debts that are primarily for personal, family, or household purposes. That is, it does not apply to the collection of commercial debts. It also does not apply to creditors who collect their own debts in their own names.

An Overview of the Texas Deceptive Trade Practices Act

The Texas Deceptive Trade Practices Act or "DTPA" is a set of statutes designed to supplement traditional common-law causes of action. The DTPA seeks to punish false, misleading, or deceptive acts or practices in the conduct of any trade or practice. Because of the Act's liberal construction and attractive monetary remedies, it provides a powerful weapon to a broad range of plaintiffs.

Ancillary Probate

Over the last few weeks several of our new clients have had questions about the probate process for real property located in other states. I wanted to share with you some basic information about the process to help you understand and plan for the impact of owning out of state real property.

Buy-Sell Agreement Considerations

Buy-Sell Agreements are contractual commitments between co-owners of a business entity pertaining to the sale of their ownership interests upon the occurrence of certain pre-defined events. Having such an agreement in place provides stability to the underlying entity, liquidity, and assurance to the owners. These types of agreements can be very complex and should be tailored specifically for the particular circumstances of the entity and its owners. However, there are some common considerations that should be evaluated in any buy-sell agreement.

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