2017 Tax Cuts and Jobs Act

in Business Law, Government/Legislation, Real Estate Law, Wills & Trusts

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...

07 July

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What happens to my business after I die?

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in Business Law, Wills & Trusts

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...

22 May

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Corporate Records Service Fraud Alert

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in Business Law

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...

20 May

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Five Important Terms of a Commercial Lease Agreement

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in Business Law, Real Estate Law

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...

10 May

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Texas Company Franchise Tax Reports Due May 15, 2013

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in Business Law

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! ...

Business Law

2017 Tax Cuts and Jobs Act

What happens to my business after I die?

Corporate Records Service Fraud Alert

Five Important Terms of a Commercial Lease Agreement

Texas Company Franchise Tax Reports Due May 15, 2013

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