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Dallas Business Law Blog

Estate planning advice for small business owners

It doesn't matter if you're wealthy or only live a modest life; estate planning is for everybody.

Estate planning for business owners is different than for the everyday individual. You may need to account for buy-and-sell agreements, a succession plan, and tax efficiencies, among others.

Six reasons to update a business plan

Entrepreneurs across Texas know that in today’s competitive and fluid marketplace, it takes more than just a good idea to stand out in the crowd. Growing a business involves making strategic and deliberate decisions that include reassessing and revising business plans. Because industry moves fast, plans can become outdated quickly. For a business plan to be truly valuable, it needs to mature and remain relevant to your company’s needs.

As a savvy entrepreneur, you wrote a business plan to attract funding, better understand your customers and competition, document your revenue model and set goals and objectives. Now that you have met your milestones, what does that mean for your business plan? Planning is a constant process. Make your business plan fluid by continually updating it to reflect changes in company vision.

Some mediation strategies for business disputes

If you’re a business owner, you already know. If you’re starting your first business now, you’ll soon find out. About 36% to 53% of small businesses get involved in litigation at some point in any given year. Most business litigation never gets to a courtroom, so mediation is likely to become familiar.

In the pages of Forbes, one veteran mediator supplied four pieces of advice (“tricks”) to stimulate new entrepreneurs. Of course, you may be represented by a lawyer, and an attorney skilled at mediation will oversee the process. They’ll familiarize themselves with your specific dispute, so their advice and tricks should probably take precedence.

How to avoid business disputes

For those who’ve dreamed of opening their own business for years, when they finally start down the path to running their own shop, they realize how many details are involved before a business’ doors open. An entrepreneur needs to choose a business location, formally register the business, hire employees and launch a marketing campaign.

Entrepreneurs also need to think about any potential pitfalls down the road for their business. One of those is becoming involved in a business dispute, which can hamper a business’ success.

5 advantages of forming an LLC

With Texas continuing to be a hotbed for starting new businesses, you may be thinking of launching your own tech startup or pursuing your dream of running a local coffee shop or photography business. However, you know that it will take more than coming up with a catchy business name, a great logo and lots of marketing efforts to be successful. One of the first decisions you’ll need to make is what type of business to form.

For those who want to minimize risk for themselves and still have lots of flexibility in how to run their business, forming a limited liability corporation (LLC) has a lot of advantages.

What should businesses look for in a commercial lease?

Many businesses find leasing or renting property to be the ideal situation for their individual needs. Rental arrangements can allow a company to focus their resources on other areas and allow them a measure of flexibility.

If you've determined leasing is the best fit for your company, it's important to know what to look for when it comes to commercial leases. Here are a few areas to pay attention to:

Dallas and Fort Worth named two of the best small business cities

The entrepreneurial spirit runs deep in American society. According to the Bureau of Labor Statistics, about 10% of the American workforce is self-employed.

This spirit is well represented in the Lone Star State. A recent study named both Dallas and Fort Worth as two of the best cities in the United States to start a business in.

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, undervaluing your work leads to severe problems in the future.

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