As a business venture grows, a sole owner of a business may choose to incorporate that business because of the advantages available to corporations. Unlike a sole proprietorship or a general partnership, corporations offer certain tax advantages, limit owner liability, and increase options for raising capital. The size and type of business help determine which […]
Author: Philip Silberman
TREC Rules and Laws Pertaining to Residential Property Managers
The Texas Real Estate Commission (TREC) is a regulatory body in Texas that oversees, among other things, residential property management. Property managers of single-family homes in Texas are usually required to have a broker’s license. Because residential management companies can manage hundreds of properties, their practices need to be professional, efficient, and accurate. They must […]
Trespass to Try Title in Texas
When a dispute over rightful ownership in Texas occurs over land, tenements, or other real property, a “trespass to try title action” is the method for resolving those disputes. Tex. Prop. Code Ann. § 22.001. Once resolved, a trespass to try title action determines ownership of the property and allows the rightful owner immediate possession […]
Quiet Title Actions in Texas
An important part of a real estate transaction is making sure that the title to the property is free and clear, meaning that no questions exist about ownership or liens against the property. Ideally, a title company or real estate lawyer ensures that such questions are identified and resolved before closing, confirming a “clear title” […]
Partition Lawsuits in Texas
Co-ownership of a property is possible and often benefits those owners, particularly when they share the property without complaint or dispute. Not all co-ownership goes smoothly, however. If the relationship among co-owners changes, and one or more of the owners is no longer interested in co-ownership, Texas law provides an option for dividing up, or […]
Creating a Professional Corporation in Texas
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, […]
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 […]