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In the videos below, we walk you through our most commonly asked questions. Have a specific question? Don’t hesitate to call us today to discuss how Walker Law PC can help your business succeed.
My business is interested in buying another business. Where do we begin?
When another business approaches you about buying your business the first step is to only talk in vague and general terms until you consult your attorney. Your attorney will tell you what you can disclose and when and what the risks are in disclosing the wrong kind of information or disclosing information at the wrong stage.
What common mistakes lead to business acquisitions falling through, and how can I avoid them?
The biggest mistakes that business owners make in acquisitions fall into two obvious categories; those made by sellers and those made by buyers. For a seller, the biggest mistake that they make is disclosing too much information too early at the wrong stages without proper advice within a negotiation strategy and without having a confidentiality agreement in place.
What are Some of the Most Common Mistakes Business Owners Make with Regards to Contracts?
The biggest mistake that business owners make with respect to their contract is failing to sign in the proper way. If you have a business contract and you just sign your name then you didn’t obligate your business, you obligated yourself. You went to all of this trouble to set up a business, use it!
How can I reduce my chances of facing a lawsuit as a business owner?
There are five ways to reduce your odds of getting sued. The first is to exercise care in your relationship with the other party. Make sure that you know what your responsibilities are and make sure that they know what their responsibilities are.
I Want to Sell My Business. What’s the next step?
When you think you’re interested in buying another business the proper place to start is being able to articulate why you want to buy that business and how that business is going to fit strategically with your business; strategically and financially. Once you’ve got that figured out and you can articulate that and you may be using your CPA with the financial side of things, make sure you involve your attorney early.
Why should I legally organize my business?
Legally organizing your business really is about having some credibility, having some branding and marketing panache to go with your business. Forming a legal business means that you’ve gone to the state and you’ve formally set up some sort of an entity that has a name and establishing your name in that way protects your name from use by competitors.
How is an “S-Corporation” different from a regular corporation?
A regular corporation is also known as a C-Corporation. The difference between a C-Corporation and an S-Corporation fall mainly into three categories; the first is taxation.
Does my business need contracts with employees?
If you have employees then you have contracts with your employees. The law creates that by default. If you have a written contract then your employees know how much they’re being paid, what their hours are, what the vacation policy is, what the sick policy is and what benefits they have.
My business partner and I can no longer work together. What do we do?
When business owners can’t get along and need to go their separate ways it’s very similar to divorcing a spouse with all the attendant things that go on; anger, feelings of betrayal, pettiness, bickering over the china, it’s all very unpleasant.
Does my business need contracts with my customers and clients?
If you’re doing business with customers and clients you have contracts, just the nature of that relationship creates a contract. What you really want to know is whether or not that relationship needs to be in writing.
What are the advantages of organizing my business as a corporation
This question is the question that I get most often at parties or in line at Starbucks. I’ve got a business or I just started out on my own, should I incorporate?
What are the benefits of organizing as an LLC versus a corporation?
Both an LLC and a corporation give you a liability shield to protect your personal assets against business liabilities. But an LLC is much more flexible so that you can tailor the structure of your organization to your particular needs, your owners and your investors. An LLC doesn’t need shareholder meetings, doesn’t need a board of directors or board of directors meetings. You can choose how it’s taxed. An LLC can be taxed as a C-Corporation or an S-Corporation or a partnership.
Why do I need non-disclosure agreements in my business, and whom should I ask to sign them?
Whether or not you need a non-disclosure agreement in your business depends on whether or not you have information in your business that would have value as an asset. Information that has separate value as an asset could include customer lists, could include trade secrets including specially processes that you’ve created that nobody else is aware of, could include unpatented inventions that you use in your business.
My Clients Are Taking Way Too Long to Pay My Business – What Can I Do?
If your clients are not paying on time the first step to make sure that you have taken is to have a proper accounts receivable program in place. A proper accounts receivable program starts with a clear invoice that is timely mailed to your customer.
Does my business need contracts with our vendors?
A vendor is typically someone with whom you have a long-term repeat relationship that you use to acquire certain things that you need to operate your business.
Four Benefits of Forming and Operating as an LLC
Whether you are starting a new business or working as a sole proprietorship, truly think about operating as an LLC, or Limited Liability Corporation. The LLC is one of the most common types of business organizations today, especially for entrepreneurs and other small...
BITCOIN – Demystified (a bit)
Bitcoins have been around since 2008. But headlines were made when a single Bitcoin traded for more than $19,300 this past December. As recently as three years ago, the price was $130. The value of Bitcoins in circulation is now more than $250 billion though that...
Lost in Contract Interpretation: Reading Matters
Contract Interpretation Matters Recently, we discussed how correctly written contracts can minimize the risk of litigation. Continuing on with that concept, there's another example of how poor drafting can result in the need and expense of a courtroom to interpret a...
Selling Your Business Phases: The Selling Price Curve
All negotiations concerning the sale price of a business should be expected to travel on what I call the “Selling Price Curve.” Discovery & Disclosure On the upslope of the Discovery & Disclosure side, your potential sales price advances up the Selling Price...
Words Matter: Proper Contract Drafting Can Prevent Claims of Breach
The point of a contract and contract drafting is to establish the duties and obligations. It also establishes the rights and responsibilities between the parties to the contract. Contracts drafted carefully and correctly minimize the risk of litigation. When someone...
Successful Business Contracts Recipe
Successful business contracts are a critical part of running a successful business in Texas, or anywhere. These contracts are involved in all aspects of conducting business and you can hardly make it through the work day without encountering some sort of contract....
Business Earn-Out: Narrowing the Value Gap
Introduction When the buyer and seller are far apart on the valuation of the business, negotiations will not be easy. Price expectations can be narrowed when both sides agree on a business earn-out provision in the acquisition contract. A business earn-out is a...
Suggested New Year’s Resolutions for Small Businesses and Entrepreneurs
Here’s a quick checklist of some items to consider as you go forward into 2017. Discuss these with your team of inside and outside advisors. Entity Issue Clean-up. Type of Entity: Do you need to form a formal company? (Think entity types like corporation,...
Increase Business Value by Using Your CPA
When Selling a Business, the CPA Should Be Your First Pick When Drafting Your Team Selling your business is a complex undertaking that requires specific skills to maximize your closing amount. This is not a “do-it-yourself” project. The stakes are too high and it’s...
Never Put Real Estate in an S Corporation
Introduction: Never Put Real Estate in an S Corporation* I will say it again: Never put real estate in an S Corporation. There! Now the kicker: Lawyers are trained to never say “Never” and never say “Always”. Because there is always an exception and there is never a...
Protect Your Trade Secrets so They Don’t Disappear!
Certain information provides your business with an economic advantage over your competitors. This is especially true when you know the information and your competitors don't. Since no one else knows this information, it's a secret that only your business can exploit....
Don’t Downgrade Your Future – Prepare Your Business For Sale
We’ve all had that bad dream: You sit down for the big exam. You turn over the test. Everyone around you starts writing furiously as you read question after question, hands sweating, heart pounding, mind screaming as the nightmare sinks in – you didn’t do the work....
“Should my business be an S Corp or LLC?” Legal Entity vs. Tax Status
The question of deciding whether a business be an S corp or LLC is not the right question to ask. Why? Well, this article will explain that. General State Business Formation Recently, I came across a number of articles on the topic of entity formation and taxation. A...
Nondisclosure Agreements – Part 1: When & Why
Presentment Scenarios Nondisclosure agreements (NDAs) are key to successful deals. For some, they can also appear straight forward and scare off a potential buyer or seller to a deal. Let's take a look at two scenarios: You were presented with a nondisclosure...
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