When a group of people from the same profession work together frequently, they often choose to form a professional corporation. Consisting of people who are licensed in the same profession, the professionals must file a certificate of formation with the Texas Secretary of State via SOSDirect. Tex. Bus. Org. Code Ann. §§ 3.001(a), 3.005(a), 3.007. Management structure, …
Month: November 2021
Forming a Limited Partnership in Texas
Not to be confused with a general partnership or a Limited Liability Partnership, a limited partnership is formed by at least two people with at least one general partner and at least one limited partner. Tex. Bus. Org. Code Ann. § 1.002(50). The general partner in the partnership manages the business and has unlimited liability …
Creating a Corporation in Texas
Owned by shareholders and managed by directors, a corporation is a group of people functioning as a single legal entity. It has the characteristics of limited liability for its owners, centralized management, perpetual duration, and the ability to transfer ownership easily. Forms to create a corporation are available from the Secretary of State. By completing …
Incorrect Property Descriptions in Texas Deeds
Transferring property from seller to buyer is often a complicated transaction. Although many people carefully review and revise the necessary closing documents, errors still occur. The incorrect legal description of the property has caused some long-term litigation for buyers and sellers. While Texas Property Code Sections 5.027-031 allows for the correction of errors, all parties …
How to Draft and Negotiate a Commercial Lease in Texas
For both a landlord and a tenant, negotiating, drafting, and finalizing a lease can be an arduous process. Because both parties work to ensure that their own interests are addressed in the document, negotiating a final draft of a lease can involve a significant amount of wrangling, an expensive process which can sometimes lead the …
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The Cost of Missing or Ambiguous Language in Texas Deeds
Conveying real property relies heavily on the exchange of accurate information and mutual agreements based on that information. Formal contracts are in place to verify the agreements and obligate both parties in those agreements. Sometimes, however, drafting errors within the contract itself undo that hard work. Fortunately, the Texas Property Code (§§5.027-03) is in place …
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Texas Intestacy with No Children or Spouse
The best way to ensure that a person’s estate is distributed as he or she wishes is to make a will. However, in the event that a person dies intestate, without a will, Texas has in place a statutory formula that decides how property will be distributed and to whom. This formula is also known …
The Texas Deceptive Trade Practices Consumer Protection Act
First enacted in 1973 and last amended in 1995, the Texas Deceptive Trade Practices – Consumer Protection Act (DTPA) was created to “protect consumers against false, misleading, and deceptive business practices, unconscionable actions, and breaches of warranty and to provide efficient and economical procedures to secure such protection.” Tex. Bus. & Com. Code Ann. §§ …
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How to Make a Valid Will in Texas
Writing a valid will is the very best way to ensure that an estate is distributed exactly as a person wishes, eliminating any doubt about what that family member “would have wanted.” Among its important purposes, it allows the person writing the will, the testator, to identify beneficiaries, distribute assets, and choose a legal guardian …
The Role of Surveys When Selling or Buying Texas Real Estate
A property survey is a drawing accompanied by a written report which indicates boundaries of real property along with the locations of any improvements on that property. Based on the legal description of the property as well as a surveyor’s measurements, it is a critical document because most lenders require a survey for closing. A …
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