Frequently asked questions

When making a decision as big as deciding on a business attorney, questions are normal and expected. Read through our collection of frequently asked questions and see if we’re able to answer some of your questions now.

Which business entity type is right for my business?

When you have a great business idea it can be tempting to rush through the early decisions to get to the end goal of operating the business. Selecting the right entity for your business is a very important decision and requires taking a variety of factors into consideration. There is no single best entity type. Your choice of entity depends on a variety of factors and will affect every aspect of your business from tax implications to management structure. It can even affect what kind of funding you might be eligible to receive. It is important not to rush this step even though it might seem like just another hurdle on your way to opening your great new business. It is highly recommended you consult with a business attorney about your business needs and goals to find out which entity is right for you. See our eBook for more information on each entity type and the factors you should start considering.

What’s the value in taking the time to create a custom operating agreement?

Your business’ operating agreement is arguably the most important document that will ever be created during the life of your business. Yes, even compared to that multimillion dollar contract you might enter into. A company agreement sets the groundwork for how your business will function. Your operating agreement will help you navigate every situation you will come across throughout the course of your business. Having a bad operating agreement or no operating agreement can be detrimental to your business, open you up to liability, or even land you in the middle of a messy lawsuit.

My business partner wants to buy me out, but I’m not ready to sell. What should I do?

Look to your company agreement. A well drafted operating agreement will establish the rules business owners should follow and lay out options for just this sort of situation. Without a company agreement, business owners are forced to fall back on default provisions of the Texas Business Organizations Code, which (depending on entity type) may or may not be favorable.

I’m ready to pass my part of the business, what do I need to do to ensure a successful transition?

Look to your operating agreement. A well drafted operating agreement will establish the rules business owners should follow and lay out options for just this sort of situation. Transferability of ownership interest is an area that differs between entity types. In the event you are planning to transfer your interest in the business, it is recommended that you consult with a business attorney to ensure compliance your company’s operating agreement, the Texas Business Organizations Code and relevant tax law.

Can you help with finding potential business investors for my small business?

Maybe. In general, a small business can seek funding from 6 different types of financing. Small businesses can seek funding through traditional financial institutions, angel investors, friends and family, peer to peer, venture capitalists, and self-finance. We work with many businesses professionals and lenders who are always looking for a new venture to fund and we are happy to connect our clients with potential investors. Additionally, most investors will require at the very minimum a well thought out and detailed business plan We can help you put together your business plan and complete other requisite documents to provide to a potential investor.

Do you practice patent law?

Intellectual property law is a highly specialized area of practice. This type of project is best served by a dedicated specialist. We regularly assist our clients in navigating this field by consulting and working with local intellectual property attorneys as needed for our business clients. Not every business will need an IP attorney, but when you do it’s best to use an attorney that specializes in this area.

If you still have questions, let’s have a conversation about your specific needs.

Give us a call, we can’t wait to hear from you.

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