Business Law
Protecting your business the right way.
Forming a business entity can protect you against liability, establish rules, and help lay the foundation for a successful endeavor. In Texas, you have several entity options: limited liability companies (LLC); limited partnerships (LP); for-profit corporations (Inc.); non-profit organizations (501(c)(3)); and assumed name or fictitious businesses (DBA). Choosing the right structure is one of the most important decisions to make before you begin.
Typically, it takes just a few days to get your business formation documents back from the Secretary of State’s office. However, finalizing details and operating agreements may take longer.
Importance of drafting and negotiating contracts
Contracts are essential tools for smooth opertations. These legally enforceable agreements provide necessary protections and minimize risk. They also create clear guidelines and expectations, outline the rights and responsibilities of all parties, provide clarity by identifying boundaries, and establish trust between parties.
What contracts do I need?
The types of contracts you need depend on various factors, including your current stage and specific goals. Here are a few key examples:
- Operating Agreements: Governing document that outlines the financial and functional decisions including rules, regulations, provisions etc.
- Licensing Agreements: Allows the owner to control and protect their intellectual property while allowing others to use it.
- Non-Disclosure Agreements (NDA): Creates the legal framework to protect ideas and information from being stolen or shared with competitors or third parties.
- Consulting Agreements: Establishes clear expectations between the entity/company and consultant who is hired.
How much does contract drafting cost?
Costs vary based on contract type, complexity, and the time needed to draft and edit the document. Contact us for a free 20-minute consultation to discuss estimates for protecting your interests effectively.
