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Dallas Business Law Blog

New business owners need to bring home paychecks

Starting a business is an exciting experience for any entrepreneur, but it's also incredibly expensive. You have to cover costs for resources, employees, locations and marketing. Another critical expense is your paycheck.

Most business owners skimp on personal paychecks for several reasons including building a reputation, saving money or protecting their profit. While the ideas seem reasonable at the moment, problems in the future.

Crucial traits of a successful business partnership

When choosing a business form for operations many business owners consider a partnership when first starting a business. It's a tempting proposition to have someone who can help share the workload and bring ideas to the table. It is also important to remember that the partners are jointly and severally liable for partnership obligations and actions. Using an LLC instead can minimize the exposure of the individual members for liabilities that are rightfully only that of the entity. That is why general partnerships are infrequently created now that LLCs can be more creative, useful and protective of the members.

However, if you are considering a partnership, it’s important that it has these key traits to be successful:

Maintaining the ‘corporate veil’ and adequate capitalization

While maintaining adequate capitalization to continue company business activities is simply sound, basic business strategy, there is another reason to keep your corporation or LLC adequately capitalized: Protecting yourself from creditors.

Some business owners think that maintaining a "corporate veil" protects business finances from private finances and in lawsuits against the business, creditors can't touch private finances. That's not entirely true.

How to form a nonprofit corporation

Wanting to be a part of something bigger than yourself which is meant to help people is a drive that many individuals have. As many people learn, sometimes the best way to get things done is to do them yourself. If you have an idea that you think could help your community, state or further, a great way to formalize your efforts is with a nonprofit organization.

There are several benefits to a nonprofit – one of the greatest being tax exemption or reduction. You will also be eligible for public and private grants, work in a structure designed to put your mission above personal gain and be protected from creditors.

Estate planning tips for business owners

As a business owner, you may be so focused on handling the day-to-day operations of your business that you may forget to plan for the unexpected. As an entrepreneur, you are most likely very skilled at planning and this should include your estate.

When you fail to have an adequate estate plan in place, you may be risking a lifetime of hard work which can affect family members and associates. If you are wondering what estate strategies you should focus on, here are a few important ones.

Avoiding common small business mistakes

Small business owners and entrepreneurs take on a heavy workload when starting a new venture. Every decision from the name of the company to forming the business entity to hiring staff rests on the business owner from the get go.

Due to the sheer number of tasks to handle, this is a common time for new small business owners to make potentially long-lasting errors. Some of these potential errors could have major legal ramifications going forward. Here are some of the more common mistakes by Texas business owners and some tips to avoiding them with your new venture.

Should You Help Your Child Start A Business?

You want your child to succeed. Since day one, you have done everything within your means to set them up for lifelong success, from providing them with nice clothes to seeing them through school. Now, your child has approached you with an idea for a business. The only thing missing is the money to launch the venture. Should you chip in?

Will Noncompete Agreements Become A Thing Of The Past?

Nationwide, businesses have used noncompete agreements to prevent former employees from turning into competitors. Many consider these agreements critical to maintaining their position in a marketplace that is already highly competitive. However, there is a legislative tide turning and state legislatures, as well as some employers, around the country are beginning to question this practice. Will Texas be far behind?

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