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Business Law

RNN LAW > Business Law

The Importance of Annual Corporate Meeting Minutes

In the bustling world of corporate governance, maintaining meticulous records can often feel like a daunting task. Yet, one of the most critical practices for any corporation, regardless of size, is the regular documentation of meeting minutes. As an attorney with extensive experience in business law, I cannot stress enough the importance of conducting and maintaining annual meeting minutes. This article aims to illuminate the reasons why this practice is not just a formality but a strategic necessity for your business. Legal Compliance: Avoiding Unnecessary Risks One of the foremost reasons for maintaining annual meeting minutes is legal compliance. Corporate laws in...

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Why You Should Reinstate Your Texas Limited Liability Company

re you a business owner in Texas with a limited liability company (LLC) that has been administratively dissolved? If so, you might be wondering whether it's worth the effort and expense to reinstate your LLC. As an attorney specializing in business law, I'm here to tell you that reinstating your Texas LLC is not only important but also beneficial for several reasons. Let's explore why reinstatement should be a priority for your business: Regain Good Standing: When your LLC is administratively dissolved, it loses its good standing with the state. This means that your company is no longer recognized as...

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Empowering Your Future: Understanding Durable Power of Attorney in Texas

Introduction: In the vast landscape of estate planning, one crucial document that residents of Texas should be well-acquainted with is the Durable Power of Attorney (DPOA). This legal instrument empowers individuals to make important financial decisions on your behalf, offering peace of mind and security in times of need. In this SEO blog post, we'll delve into the specifics of a Durable Power of Attorney in the state of Texas, highlighting its significance, key elements, and how it can be a cornerstone in your comprehensive estate plan. What is a Durable Power of Attorney? A Durable Power of Attorney is a legal...

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Opening a Business in Texas

Starting a business in Texas is a big step for anybody. Sometimes it is a decision to quit one’s job and embark on your own journey. Other times, your new venture started as a hobby that grew into a business. Whatever the case, there are certain Texas legal matters that should be considered. Texas business attorneys will usually advise that you need to open a business entity. The primary choices are a Texas limited liability company, Texas corporation, Texas S-corporation, or Texas limited partnerships. The choice will be dependent upon your business’s composition, business purpose, and business goals. They types of...

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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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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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