Austin TX Business Law Blog

Sunday, June 26, 2022

The Value Standard in a Partnership Agreement

The value standard in a partnership agreement is, as it suggests, the standard at which the partnership is valued. It is a critical component of a partnership agreement and one which should be serious considered before being memorialized in this legally binding contract. At some point, a partner may want to leave the partnership. In this case, the value standard will play a pivotal role in determining the equity the exiting partner has in the partnership. When an improper value standard is used, it discourages partners who want to leave from leaving which can lead to big problems in and of itself.
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Tuesday, May 24, 2022

How to Choose the Right Business Partner

There are few things more exciting to an entrepreneur than a new business idea. As you forge ahead in making your business dream a reality, you may, at some point, find that your endeavor could greatly benefit from some help. A business partner can be a great way to bring in a particular skillset or resources into a developing business.
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Saturday, May 21, 2022

Liquidated Damages Clauses in Business Contracts

Contracts are not always honored. Breaches do occur and if you are a business owner it is an important possibility to plan for. While we put contracts in place hoping to see them fulfilled, there is always the chance that one or both parties to the contract will not uphold their end of the deal. In the event of a contract breach, the legal system provides various mechanisms for either enforcing the contract or for compensating the party impacted by the other party’s breach. Enforcing a contract or seeking damages sustained due to a breach of contract, however, can lead to some rather involved and costly litigation.
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Sunday, April 17, 2022

What is a Professional Corporation?

There is a fairly wide range of business entity options from which you can choose from when starting a new business. Depending on the type of business you are planning for and who will be owning and operating the business, there may be further options still. A professional corporation, for instance, may be an option for some.
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Thursday, April 14, 2022

Forming an LLC in Texas

A Limited Liability Corporation or “LLC” is a popular business structure to select. It affords owners many benefits, including pass through tax benefits, flexibility, and personal liability protection. If you are an entrepreneur looking to form an LLC in Texas, here is an overview of the formation process.
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Monday, March 21, 2022

Avoid these Common Family Business Mistakes

Family businesses can be a great source of pride. After all, family members pour their time, financial resources, and hearts into these kinds of entrepreneurial endeavors. While they come in a variety of shapes and sizes, family businesses all maintain single family ownership. It can be difficult to keep a family business in the family. Along with the other challenges any other business can face, there are struggles that can pop up for family businesses in particular.
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Friday, March 18, 2022

Creating a Remote Work Policy

While some companies have been offering remote work opportunities for years, others may have been pushed in this direction by the COVID-19 pandemic or by an increasing demand for such arrangements by potential employees. Regardless, if your company has always offered remote work, is newer to remote work, or is considering remote work options for your employees, the time is now to make sure you have a comprehensive remote work policy in pace. Here are some tips to creating such a policy.

Creating a Remote Work Policy

Remote work can be a great way to attract a broad range of qualified employees who enjoy the commute free life of remote work. As a unique work arrangement, however, it is important to put a solid remote work policy in place so that everyone is clear as to the expectations for the remote work arrangement.
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Monday, February 14, 2022

Hiring an Attorney for your New Business is a Must

Starting a new business is a big and exciting endeavor. It may seem, however, as if there is a never ending to do list before you. On top of this, you may be worried about covering start-up costs.
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Friday, February 11, 2022

Virtual Mediation in COVID-19 Times

COVID-19 brought unprecedented times to all of us, businesses included. Over the past few years, COVID-19 has persisted and businesses have been hard hit with its multifaceted impacts. As businesses struggle with lockdowns, social distancing, and competing in an ever changing market, there will continue to be problems arising. There will be conflicts businesses need to resolve. On top of all of the hardships businesses have faced lately, the prospect of stressful, costly, and time consuming litigation may just be too much to bear.
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Sunday, January 23, 2022

Have you Heard of the Promoting Competition in the American Economy Executive Order?

President Joe Biden issued Executive Order 14036 on July 9, 2021. Titled “Promoting Competition in the American Economy,” the order included 72 initiatives geared at tackling what the President asserts to be the most pressing competition issues the U.S. economy is currently facing. Let’s take a closer look at this executive order and its goals.
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Thursday, January 20, 2022

COVID-19 Waivers and Your Business

As the COVID-19 pandemic persists, businesses continue to grapple with novel issues, such as how to protect the business from liability exposure while still being able to run a profitable business where employees can come into the office should they need to or want to. While shutdowns have not been in the news as much as they were in the beginning of the pandemic, if the past years have taught us anything, it is that we need to prepare for anything. While many businesses have fully opened up, many are still having employees work remotely. Regardless of how open to in person interactions a business may be, there are likely questions as to how the business can protect itself in the event of a COVID-19 outbreak or should employees or customers contract COVID-19 in the business setting. To help limit potential liability exposure, some businesses have tried to put COVID-19 waivers in place.
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