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Business Law

RNN LAW > Business Law

Texas LLC’s and Corporations

Several different types of business entities exist in the State of Texas. Here, I will speak to the more popular ones, the corporations and limited liability companies. Corporation Corporations are probably the most statutorily recognized entity. Most of the stock listed on the stock exchanges are corporations. In Texas, they carry the moniker “Inc.,” “Corporation,” “Incorporated,” “Corp.,” “Company,” or “Co.” after its trade name. The owners of a corporation are called stockholders or shareholders. The distributions of profits received by stockholders are called dividends. The stockholders must hold meetings annually. At the annual meeting, stockholders elect a board of directors. The board of...

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A Glance at Commercial Leases in Texas

Office leases, restaurant leases, shopping center leases, single-use tenant leases, build-to-suit leases, industrial leases, and ground leases, among others, are common types of commercial leases used in Frisco, Texas. Even though they differ in the specific verbiage, each type of lease has some very common attributes. Possession and Term Possession is obviously the most important and common attribute, being the centerpiece of any type of lease. The term of the lease for possession of the premises is varies depending upon the type of lease. Usually, commercial leases have longer initial terms than residential leases. However, self-storage leases and some office-suite leases can...

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Texas Evictions

Residential evictions are statutorily driven in Texas. They are governed by Chapter 24 of the Texas Property Code, as well as, Rule 510 of the Texas Rules of Civil Procedure. To begin the eviction process, a landlord must provide a notice to vacate. State law requires three days’ notice unless a written lease provides a different notice provision. The notice must be delivered by mail or personal delivery, although it can also be affixed to the inside of the main entry door, or, on some occasions, on the exterior of the main entry door. Following the expiration of the time prescribed in...

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Supreme Court Allows Sports-Betting – What does it Mean for Frisco?

On May 14, 2018, the Supreme Court of the United States held that the provisions of the Professional and Amateur Sports Protection Act (PASPA) restricting states from allowing sports betting is unconstitutional. It will be a popular decision in the sense that it will make headlines around the country. Various angles of the holding could be written in multiple sections of the daily newspaper. It appeared on every television set during the local and national news broadcasts. And, one can bet, it will be among the hottest topics debated by the candidates in Texas’ next election season. The issue in Murphy...

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2017 Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act has now been passed by Congress and is awaiting President Trump’s signature. The question now arises, what does this mean for the average resident living in Frisco, Texas? Tax bills, as are most bills, are horrible to read because they simply amend existing sections of code. The Tax Cuts and Jobs Act is no different. So, below are a few highlights into how the Act could affect you, if and when President Trump signs it into law. Individuals The biggest change to individuals will likely be the increase of the standard deduction to $24,000 from $12,700...

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What happens to my business after I die?

What happens to a business after the owner dies is obviously an important question. The answer will depend on the business’ organizational documents and the business owner’s estate plan. First, it is important to remember that contracts usually trump a person’s last will and testament. Therefore, it a deceased business owner had a partner with whom he maintained a buy/sell agreement, then the buy/sell agreement would most likely control. It is highly recommended for active businesses with multiple owners to either maintain a buy/sell agreement or have a succession plan in regards to management. Next, one must look to see whether...

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Corporate Records Service Fraud Alert

John, Steen, the Secretary of State of Texas, has issued the following warning to Texas business. A company by the name of Corporate Records Service sent solicitations to Texas businesses suggesting that Texas entities are required to complete a statement and return it with a fee of $125. The solicitations were entitled “Annual Minutes Records Form.” The document, which purportedly looked official and was addressed from Austin, implied that all Texas entities were required to file the statement with the Corporate Records Service and pay the fee. THAT IS UNTRUE. Most Texas entities only need to be concerned with four Texas governmental...

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Five Important Terms of a Commercial Lease Agreement

Commercial lease agreements can be one of the most important documents for your business. For many businesses, it is the highest non-payroll expense. A business owner needs to make sure that he/she understands the lease and the impact of its terms. It is always a good idea to hire a real estate attorney to review the commercial lease agreement, but you also need an independent understanding of some basic ideas. 1.         Types of leases – There are two primary types of leases and a lot of variation of how they are applied. The first primary type of lease is called a...

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Texas Company Franchise Tax Reports Due May 15, 2013

This is a friendly reminder that Texas franchise tax reports are due on May 15, 2013. The No Tax Due threshold is $1,030,000 of annualized revenue. If a company fails to file by May 15, 2013 (even if no tax is due), then it will be assessed penalties. Be sure to visit your business attorney or CPA if you need assistance. A link to the forms and instructions is here. Be sure to file on time!...

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