BUSINESS FORMATION ATTORNEY IN COLLIN COUNTY, TEXAS
Professional practice entities
Series LLC's for real estate companies and other investments
Company agreements to bring technology and investment together
Framework for the family business to span generations
Client Considerations in Drafting Agreements
Professional practice partnerships can be a simple document based on a co-op model or a detailed guide to the practice’s entire financial operation. Despite the simplicity of a partnership’s purpose, though, the details that go into creating an effective one can be very complex. For instance, here are some of the common questions partners ask themselves when trying to form their business:
How do you balance effort, investment, and innovation?
How do you compensate for the goodwill which built the business or practice in comparison to current productivity?
How are new partners admitted?
How is a retiring partner compensated?
How is the real property tied to the business or practice owned?
What impact should the divorce of a partner have on the practice
Should a partner be allowed to borrow money from the partnership?
How should partnership costs be allocated — divided across the board based on the amount of ownership or the amount of production by each member?
What happens to the partnership if a partner abandons the practice?
What happens to the partnership interest of a partner who becomes disabled?
How should a practice partnership interest be valued?
Without proper legal guidance, a business or professional partnership can suddenly become overwhelming. That’s why you need an experienced attorney to help you answer these questions and to draw up a fair, forward-thinking business formation plan.
Protect Your Business or Practice with Clear-Cut Employee Agreements
In addition to providing you with this business formation service, I can also assist you in developing professional service agreements for your business’s key employees and independent contractors. After all, professional service agreements can become just as complex as business formation planning. With my experience at your disposal, you will have a clear scope of engagement from employees and contractors and be protected from unfair competition following the end of an agreement. For this service, a fixed fee, which includes drafting the original agreement to meet the client need and any revisions necessary during the review process. Participation in negotiation is subject to an additional hourly fee.
At my office, the fixed fee for professional practice formation ranges depending upon the number of professionals and how the ownership interest is allocated. A specific fixed fee will be provided based on the answers to the client questionnaire. Whether you are forming a professional corporation as a single practitioner or a sophisticated partnership of professional entities, I will create a comprehensive document that is organized, intuitive, and easy to read. The process starts with your completion of an extensive questionnaire developed from decades of experience. With a focus on the issues most important to your practice, I will promptly send you a draft for review. The fixed fee services include all revisions and updates as I complete the final practice documentation. The fee also includes a year of email and telephone consultation on all matters related to the practice.
Should your business be an Inc. or LLC?
If you plan on being a publicly held company or having the company acquired by a publicly held company, go with incorporation and become an Inc.
Otherwise, take advantage of the flexible structure, informal governance and options available to a limited liability company when you form the LLC.
The Texas Business Organizations Code establishes terms for forming your company, the real governance of your entity is provided by the company agreement. If you have partners or investors in the business with you, it is critical not to accept a standard form download as your company agreement.
A good company agreement is a guide to take you through the changes and evolution of your business. It should not be put in a file cabinet and forgotten.
Do you have a good working agreement for your business?
Read through your agreement and see if provides you with specifics in dealing with the "D's" of business.
Does your form tell you what to do when there is a death, disability, divorce, disagreement or departure?
Does your agreement set out a procedure for implementing changes in the business? How do you bring in a new member?
How do you exclude a member who is holding back the company?
How do you place a value on ownership interests?
I work with you to provide a company agreement which gets the company through tough times and enables the company to seize the opportunity in the future.
My fixed fee approach to preparing company agreements means you will be able to give consideration to the important matters in an affordable manner with prompt attention to the demands of your business.
What's the deal with Series LLC's?
Not to sound like television advertising but a series LLC can slice and dice!!! But wait, there's more!!! A real estate company can use one LLC to own any number of properties. Each property can be a series subsidiary and can have members who only have an interest in the one property. The interest and liability related to one property have no impact on a different subsidiary. Membership interest can be in the company itself and/or one or more subsidiaries. Forming a series LLC or amending a current LLC to provide for subsidiary companies is economical and efficient, providing a master-subsidiary structure for the entire enterprise within a single entity. Series LLC's can provide units which are holding certain investments or have a membership which may or may not include members from other series. You can organize financing and equity by individual venture and provide members with rights and responsibilities unique to the series in which they are members. Another fixed fee service is providing a series LLC with the company agreement and membership allocations which fit your plans.