Business Formations and Contract Law

Business Entity Formations

Organizing a Business There are several ways to organize a business, and the option selected depends on various factors. The best option for a small, family-owned and operated venture may not be the best choice for a company with several owners and many employees. Each option has benefits and drawbacks. The option selected by a...

Corporations

To create a corporation means to create an artificial “person.” For legal and tax purposes, a corporation is a separate entity from its owners. A corporation may make purchases, enter into contracts, pay taxes, and sue and be sued. Corporations must be established in compliance with the requirements set forth in Texas law. The shareholders...

Limited Liability Companies

Since 1992, businesses in Texas have had the option of filing as limited liability companies. A limited liability company formed in Texas is a hybrid form of business with characteristics of both a limited partnership and a corporation. An individual member of a limited liability company generally is not liable for the debts or liabilities...

Limited Partnerships

A limited partnership is similar in many respects to a general partnership. In a limited partnership, however, there are two types of partners–general and limited. Texas law requires that a limited partnership have one or more general partners and one or more limited partners. The principal difference between a general and limited partner is that...

Contracts

A contract is simply a legally binding agreement between parties to do or not do something. Consumers enter into contracts for many reasons. An agreement to buy a car or buy a home typically involves a contract. If one hires a service to maintain his or her lawn, a contract is created. There are several...

Litigation

Commercial Litigation The phrase “commercial litigation” covers a broad spectrum of cases stemming from business conduct. The other chapters in this Guide that have nominated attorney listings focus on particular areas of substantive law. For instance, a business leader with a dispute involving securities laws might turn to the Securities & Venture Finance Law Chapter...