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Legally forming a start-up in Texas

Many people have a dream of starting their own business and escaping the chains of being an employee. While starting your own company can create a great deal of freedom, it can also be a huge responsibility. It is important to make sure that all the appropriate planning is in place. Also, be sure to satisfy all of the legal obligations within the state of Texas.

The process of starting your own business carries with it several elements. You must first make sure that you have a viable business idea, and then invest time into creating a detailed plan. In addition, you need to go through the process of legally forming your business. The following will go through the steps you should take in chronological order.

Do you know when to review your estate plan?

Are you of the belief that your estate plan should remain the same from now until the day you pass on?

While you may never need to make changes to your estate plan, there are times when you should review it to ensure that it still makes sense for your current situation and goals.

Creating a start-up in Texas

You have a business idea, some funds and a goal detailing where you would like to be in five years. But you might feel overwhelmed by getting your business up and running. It's natural to be afraid of failure and worried about the financial impact of making a mistake.

In business, you can only go so far to mitigate risks. No matter how strong or successful the business may be, there will always be certain risks. However, sticking to a process and making sure that you have everything covered will allow for much more control, especially in your first year of business.

Common legal concerns for first-time home buyers

Buying a home is one of the most significant purchases a person might make, and the process is not a simple one. Especially for first-time homebuyers, navigating the home buying process without assuming unnecessary risks or expenses is very difficult.

Unfortunately, if homebuyers do not properly understand the many potential pitfalls in the home buying process, they may set themselves up for great frustration, or may even make a costly error. Many homebuyers choose to enlist the guidance of an experienced real estate attorney to represent them and protect their interests. A real estate attorney can help homebuyers understand each aspect of the process and ensure that they do not assume unnecessary risk.

What happens when another company breaches a business contract?

Running a company in any industry can be an exhausting but rewarding job. You have to make critical decisions every day that affect not only the health of your company but your income and the security of your employees. Most business owners understand the importance of committing to major transactions and agreements in writing.

Doing so helps protect you by ensuring there is no failure of communication. Misunderstandings can result in major delays or setbacks for your business. Ensuring that you and the other party involved in the contract fully understand the expectations and needs of one another can reduce the risk of such issues. Sadly, sometimes, people simply don't follow through with their contractual obligations. When that happens, you may have to take steps to enforce your contract or mitigate your related losses.

Protect your loved ones and last wishes with estate planning

Failing to create a last will or estate plan early in life could leave the people you most care about in a vulnerable position financially and socially, especially if you have minor children. As a general rule, you should think about creating an estate plan or last will if you have children, intend to marry someone or acquire substantial assets, like a home.

Taking the time to create a last will or thorough estate plan now can protect your loved ones, wishes and assets. It can also provide you with peace of mind regarding the well-being of your loved ones. If you have minor children, naming a guardian in a last will helps to protect them and ensure they are well loved and raised if anything should happen to you.

Your business needs an estate plan

For many entrepreneurs, the business they started from the ground up is considered their “baby.” All the blood, sweat and tears put in are worth it to watch it succeed.

So why don’t more businesses develop an estate plan for their business? People with significant assets and a family create a plan for how those assets and their loved ones are going to be taken care of after their death or in the event of their incapacitation. It stands to reason that business owners should do the same for their “babies.”

If you own a home or have children, start estate planning now

Far too many people put off estate planning until they are in their 40s or 50s. People like to believe that they will live to or exceed the average life expectancy for their generation, race and age. However, it's impossible to predict when and why someone could die. Someone in peak health could die at a young age, thanks to an accident. Sudden medical events can also end the life of someone who is otherwise seemingly healthy.

Waiting until you approach retirement age to begin estate planning puts your family at unnecessary risk. While Texas will assign your assets to your spouse or children if you die without an estate plan or last will, there could be weeks or months of delay as your family deals with probate court. If you take the time now to create an estate plan, you and your family will have protection from the unpredictable and peace of mind about financial matters.

The right commercial lease for your business

When starting a business, every contract and every deal makes a difference. Once of the most significant deals is the lease on a property. While most entrepreneurs already know how residential leases work, commercial leases are more complex and come in many different structures.

For the most part, residential leases are standardized. In the commercial realm, there is too much variety for that to work. Different business types, different zoning restrictions and different buildings each have unique needs and uses.

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