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Buying a Business in Texas

Buying a business is always an exciting adventure. However, it can also be intimidating. Texas law does not contain many provisions related specifically to the purchase of most businesses. Instead, general statutes and a lot of common law enters into the picture. Generally, businesses are purchased in one of two ways: (i) a purchase of all the assets; or (ii) a purchase of all the equity (whether stock, units, membership interest, or otherwise). From the buyer’s perspective, it is usually safer to purchase all the assets of an existing business. In doing so, the buyer only receives the liabilities to which...

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Anne’s Partition and Franchise

Following her divorce from John, Anne attempted to sell the real property she held with Caleb. However, her Frisco real estate attorney stated that no one would be interested in buying a fifty percent interest in a tract of land. Caleb refused to buy her share of the Property. Therefore, Anne’s real estate attorney recommended that she request the court to issue an order to sale the property through a partition lawsuit. Anne instructed her Frisco real estate attorney to file the partition lawsuit. The appraisal of the property was stated as $3,000,000. Anne knew the property was worth much more than she had told John (or even the...

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John’s Non-Compete Agreement

John and Anne continued repairing their marriage over the next few months. It was going well. John’s business continued to grow, and he was still receiving a steady and growing paycheck from his employer. However, John’s employer discovered that he was selling software services on the side in violation of a non-compete agreement. John immediately told Anne about the cease and desist letter. She accepted it with grace, and simply asked about his plan to deal with the news. Her confidence in her husband had grown since he was able to save the house. Surely he could negotiate this new obstacle. After sending the letter to his Frisco business attorney,...

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John Forms His Texas LLC

John pleaded for Henry to assist him following Anne’s departure. He understood the only way to save their marriage was to redeem the house, but it was an impossible task in the two weeks that he had before the second eviction trial. Henry was sympathetic to John’s marital woes. He was having some problems himself at the moment. Ginny was upset about their misadventure in justice court, and Henry hired a real estate attorney in Frisco to assist him with the second eviction attempt and future real estate transactions. Henry discussed with the real estate attorney how he could assist John without hurting himself. The attorney devised a plan that...

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The Eviction Attempt

John felt the forthcoming climax of their financial woes. He had been a sales manager with a fast-growing company. But his company had been purchased, and John was laid off. He found a new job, but sales were slower with his new company. His wife, Anne, inquired, “Who was that?” “The buyer from the foreclosure sale.” “What did he say?” He could not evade the question. “He is going to evict us if we can’t pay rent.” “He can’t do that,” Anne exclaimed as tears streamed down her face. “He said that we would have six months to redeem the house.” “He thinks he can.” “What are you going to do?” “I don’t know,” John admitted. John...

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Threat of Eviction Following an HOA Foreclosure

Henry sent the required redemption notices following the HOA foreclosure. In addition, he sent a letter expressing his desire to lease the house to the prior homeowners. Days go by with no response. Henry attempted to contact the lender, but they refused to provide him any information, and he had no way of paying the mortgage on the home he just bought. On the twenty-eight day of the month, he decided to tell Ginny of that they may have to make two mortgage payments without receiving any rent. “What do you mean?” she inquired. Henry explained that he did not want the new house to fall behind on mortgage...

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The HOA Foreclosure

Henry had dreamed of supplementing his income with real estate investments for as long as he could remember. But it was hard. His current house, the one in which he and Ginny lived in Frisco, Texas, with their two children, had twenty years remaining on the mortgage. They had two car payments and two credit cards. His wife giggled at his periodic exuberance for the idea. Henry often checked the foreclosure lists posted on the websites of the Denton County Clerk and Collin County Clerk. However, a friend, Abe, who had recently started purchasing foreclosed real estate, told him about a different foreclosure list. Abe said, “You’ve been looking at...

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Estate Planning Documents

Estate planning documents comprise a set of documents that manages your affairs in the event of disability or incapacity and after your death. In Texas, they include a Last Will & Testament, Durable Power of Attorney, Medical Power of Attorney, Directive to Physicians, Living Trust, and Transfer on Death Deed, among other documents. Last Will and Testament The Last Will and Testament is a document that tells the world, and, more specifically, the court, how you would like your estate distributed. Even if the will is never used, it is important that everybody has a will because it helps transfer legal title...

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The Nomenclature of Texas Business Entities

The Governing Hierarchy of business entities is quite confusing to many people. However, it is important to understand the difference between the positions and titles as they relate to the various types of entities available. In Texas, the most popular types of business entities include corporations, limited liability companies (LLCs), and partnerships. Each type of business entity has its own nomenclature and types of governing documents. The governing documents are what form the rights, obligations, and duties of the investors and governing body. A separate post will address the differences in the governing documents. Corporations Corporations are comprised of stockholders, a board of...

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Perils of Buying a Business

Buying a business is a big decision. It is also an adventure. It starts with finding a business that meets one’s requirements. Then, buyers should hire an attorney to draft an asset purchase agreement or stock purchase agreement that describes the rights and obligations of the buyer and seller, as well as, the applicable time tables for the sale. Many buyers do not understand the importance of the purchase agreement, but it is an essential part of the buying process. Similarly, many sellers do not understand the importance of a due diligence period. Due diligence periods are critical to the purchase...

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