Remember This Next Tax Day!
Posted on | April 17, 2013 | No Comments
There is another reason to mark April 15 on your calendar for next year. Yes, taxes will still be due, but you can also get free food and merchandize across the country as part of Tax Day Freebies. The restaurant and retailer movement has picked up in the last few years as a way to make one of the most dreaded days of the year a little brighter. In the Dallas area Arby’s, Cinnabon, AMC Theaters and Office Depot all have special free goods for the 2013 tax day deadline!
Check out a short list here: http://freebies.about.com/od/otherfreebies/tp/tax-day-freebies.htm
Need a freebie any day of the year? The Wright Firm offers free consultation on any criminal or bankruptcy matter. Call us at (972)353-4600 or visit our website at thewrightlawyers.com to set up your free consultation appointment.
Tags: Dallas Business Attorney > Dallas Business Lawyer > Dallas Tax Lawyer > Tax Deadline > Texas Business Law > The Wright Firm
Dallas Small Business Lawyer:Commercial Leases
Posted on | April 10, 2013 | No Comments
Dallas Small Business Lawyer: Commercial Leases
When leasing a space for your small business, you are faced with many challenges. Long lease terms, long and complex lease agreements and high lease payments are just a few of those challenges. Trust a qualified and experienced business attorney to help you navigate this unfamiliar territory: The Wright Firm, LLP, with offices in Dallas and Lewisville, Texas.
Commercial leases normally come in 2 varieties: 1) gross leases and 2) triple net leases. A gross lease normally requires the tenant to pay the landlord a set amount for the lease payment each month and nothing more. A triple net lease normally requires the tenant to pay a set amount PLUS a share of the landlord’s operating expenses: utilities, insurance, taxes, repair, maintenance and possibly more.
Also, it is important to recognize who will pay the cost of the work that needs to be done to “fit-out” or “finish-out” the leased space. Most leased spaces will need to be modified before you can move in and get to work: you need to know whether you or the landlord will foot the bill for that work, and if you will be required to use contractors chosen by the landlord.
Another issue will be a personal guarantee, which many commercial leases call for. This means that you may be asked to take on personal liable for the lease payments, even if your business is the party that signs the lease agreement. Please call us at (972) 353-4600.
Tags: Dallas Business Attorney > Dallas Business Lawyer > Denton Business Lawyer > Lewisville Business Lawyer > Texas Business Law > The Wright Firm
Dallas Business Attorney: Choosing the Right Corporation
Posted on | April 10, 2013 | No Comments
Dallas Business Attorney: Choosing the Right Corporation
What is an S corp? How is it different from other corporations?
When you incorporate your business as a corporation, you do so at the state level. Corporations can then elect to be treated under Subchapter C or Subchapter S of Chapter 1 of the Internal Revenue Code. A corporation that elects Subchapter C treatment is known as a C corp or “regular” corporation. A corporation that elects Subchapter S treatment is known as an S corp. Corporations must meet certain requirements to be eligible for S corp treatment.
S-corps are popular among small, closely held businesses, including many family businesses. The great benefit of an S corp is its “pass-through” or “flow-through” tax treatment. This means that an S corp is not taxed at the federal level; only the shareholders pay personal income tax on corporate distributions, such as dividends. This differs from a C corp, which suffers from “double” taxation: the corporation pays taxes on its income, and again the shareholders pay personal income tax on corporate distributions.
Choosing to incorporate your business? Choose the right entity. Choose the right firm: The Wright Firm, LLP, with offices in Dallas and Lewisville, Texas. Please give us a call at 972-353-4600.
Tags: "S" Corporation > business law > Dallas Business Attorney > Dallas Business Lawyer > Texas Business Law > The Wright Firm
Dallas Business Lawyer: Choosing the Right Business Entity
Posted on | April 9, 2013 | No Comments
Choosing the Right Business Entity
What kind of business entity should you choose for your Dallas business? A corporation? Partnership? Limited Liability Company? Something else?
The answer depends on many factors. The foremost issue in most business people’s minds when forming an entity is protection from personal liability for the business’s debts. Another important factor is taxation: most business people want to avoid tax liabilities as much as possible. Other factors include but are not limited to how you intend to fund your business; how you will manage your business; what states and countries you will conduct business in; and how you plan to sell or transfer your interest in the business when the time comes.
Choosing the right business entity means choosing the right Dallas Business Lawyer for legal advice as you make those crucial decisions. Choose the right firm: The Wright Firm, LLP. Our business lawyers are standing by to assist you. Call our Dallas offices today at phone number (972) 353-4600.
Texas Business Attorney: What Constitutes a Foreign Corporation?
Posted on | November 1, 2011 | No Comments
Texas Business Attorney: A foreign corporation is a corporation organized under the laws of another state than Texas. Foreign corporations have no right to transact business in until an application for registration is filed with the Texas Secretary of State’s office. The application must be verified and executed by an officer of the corporation. Upon review of the application and payment of the registration fee, the Secretary of State will issue an acknowledgement that the foreign corporation has filed an application for registration.
Once the foreign corporation’s registration becomes effective, it has the same rights and privileges as a domestic corporation. If a foreign corporation that is transacting business in Texas fails to register with the Secretary of State, it may not bring suit in Texas courts on any cause of action arising out of the transaction of the business in Texas. Transacting business in Texas means engaging in intrastate transactions on a reoccurring basis.
If you have any questions regarding foreign corporation registration, please call The Wright Firm, LLP and schedule an appointment today at 972-353-4600 or visit our website at www.thewrightlawyers.com.
Tags: Business in Texas > Corporation Registration > Dallas Business Attorney > Dallas Business Lawyer > Denton Business Attorney > Denton Business Lawyer > Foreign Corporation > texas business attorney > Texas Business Law > The Wright Firm
Dallas Business Attorney: Post-Judgment Collection!
Posted on | October 14, 2011 | No Comments
The first question that all of my clients ask after receiving a final judgment is, “when do I get my money?” Unfortunately, it rarely, if ever happens that the judgment debtor will accept the loss, whip out his or her checkbook and write a check for the entire judgment amount. Therefore, after a judgment is entered (signed by the judge), I inform my clients that the hard part is just beginning. Realistically, the judgment debtor will refuse to cooperate in the collection effort, causing a need for additional court intervention.
The first step in the collection process is to perfect the judgment. Perfecting the judgment is accomplished by filing a proper abstract of judgment in the real property records where the debtor has or may have property. The effect of the abstract judgment creates a lien on the debtor’s non-exempt real property in the counties the abstract was recorded. The abstract should be filed immediately after rendition of judgment, to perfect the lien as soon as possible. The following collection steps depend upon whether the judgment debtor perfects an appeal, files a bond and suspends enforcement of the judgment.
If no appeal is perfected, or the appeal is perfected and no bond is filed, than the judgment creditor may serve the debtor with post-judgment discovery. The purpose of the discovery is to determine and locate assets of the debtor, which are available to satisfy the judgment. However, just because a debtor receives the post-judgment discovery does not mean that he or she will answer said requests. Even if the debtor does respond, the answers will more than likely be illusive and vague. Therefore, court intervention may be necessary in the form of a motion to compel the debtor to respond to the discovery fully. It may also be useful to take a deposition by videotape of the debtor in order to gain more information.
After the judgment becomes final (30 days after the judgment is signed if no appeal is perfected) a writ of execution should be issued. A writ of execution is a judicial writ directing the enforcement district, county, or justice court judgment. See Tex. R. Civ. P. 261. The writ typically directs the sheriff or constable to levy on a debtor’s nonexempt property, sell it, and deliver the sale of the proceeds to the judgment creditor to be applied towards the satisfaction of the judgment. See Tex. R. Civ. P. 637. However, a judgment creditor should be cautious in filing a writ as damages for wrongful execution are potentially severe, and the judgment creditor may be held liable for the wrongful execution.
Another tool in the collection arena is the Turnover Statute. Section 31.002 of the Texas Civil Practice & Remedies Code allows the court to appoint a receiver to seize and sell a judgment debtor’s nonexempt assets, including present or future rights of property. In order to have a receiver appointed it is necessary to file an application for turnover relief with the court. No bond is required to be filed for a receivership as most turnover receivers receive a fee from what they collect.
If you need help collecting on a judgment, please call The Wright Firm, LLP and schedule an appointment today at 972-353-4600 or visit our website at www.thewrightlawyers.com.
Tags: Collection > Dallas Business Attorney > Dallas Business Lawyer > Denton Business Lawyer > Lewisville Business Attorney > Lewisville Business Lawyer > Post-Judgment Collection > Texas Business Law > The Wright Firm
Dallas Business Attorney: Setting the Course for Your Business Exit
Posted on | September 30, 2011 | No Comments
Dallas Business Attorney: Setting the Course for Your Business Exit
In order to grow a successful business venture it is important to have a solid business plan. In order to have a solid business plan, it is necessary to have an exit strategy that covers the Four D’s: Death, Disability, Divorce and Departure. In the end, every business owner will have to exit his or her business, either voluntarily or by death or disability. If there is no exit plan and a partner departs, the business may be forced to liquidate its assets and windup. Therefore, it is important to have a succession plan to assure that the business continues and thrives after the exit.
Buy/sell agreements are an essential tool in the start of a new venture. Well-drafted agreements will handle the issues that may arise due to an unexpected exit of a member. Among the issues that should be covered are:
- Death: A section allowing for a buyout of a deceased partner’s share of the business, which often is funded by a life insurance policy.
- Disability: A provision regarding disability insurance and whether it will be paid by the company or the partner individually.
- Divorce: Provisions that restrict the shares of a partner that pass unintentionally to a third party, such as a recently divorced spouse.
- Departure: A provision that allows for a buyout of the departed partner’s share, or in the alternative, a provision naming a successor partner.
Like a last will and testament, a well written buy/sell agreement can give the partners peace of mind that their family members and partners will be taken care of and that the business will continue on in case of an unexpected exit.
If you are thinking of starting your own business or need help in drafting a buy/sell agreement, please contact The Wright Firm, LLP today at 972-353-4600 or visit our website at www.thewrightlawyers.com.
Tags: Business Exit > Buy/Sell Agreement > Dallas Business Attorney > Dallas Business Lawyer > Denton Business Lawyer > Lewisville Business Attorney > Lewisville Business Lawyer > The Wright Firm
Dallas Business Attorney: The History of Labor Day
Posted on | September 3, 2011 | No Comments
Every year around this same time all my family and friends began discussing what the plans are for the long Labor Day weekend, which always includes barbecuing, relaxing by the pool, or last but not least, spending the entire weekend watching college football. However, few of us know the history of the “American Worker’s Holiday.” According to the U.S. Department of Labor, the 1st Monday in September is dedicated to the social and economic achievements of the American workers.
There are conflicting reports on who first proposed the idea of a national holiday for workers. Certain records reflect that Peter J. McGuire was the father of Labor Day. Peter McGuire was the General Secretary of the Brotherhood of Carpenters and Joinders of the American Federation of Labor. He is quoted as saying that Labor Day is to honor those “who from rude nature have delved and carved all the grandeur we behold.”
Many others believe it was a different McGuire that proposed the holiday. Matthew McGuire, a machinist who became the secretary of the Central Labor Union was said to propose the holiday in 1882. The records are clear however that the Central Labor Union did indeed adopted the proposed holiday. TheUnionappointed a committee to plan the event, which included a public demonstration and picnic.
On Tuesday, September 5, 1882, the first Labor Day picnic was held inNew York City. On September 5, 1883, the second holiday was celebrated. By 1884, the Central Labor Union selected the first Monday in September to recognize the holiday. When Labor Day of 1885 rolled around the following year, several other industrial cities were celebrating the “workman’s holiday.”
In the late 1800’s many municipalities recognized and celebrated Labor Day, but the first state to pass it into law wasOregonon February 21, 1887. By 1894, 23 other states had adopted the holiday and Congress passed an act making the first Monday in September of each year a legal holiday.
As best described by the Department of Labor, “The vital force of labor added materially to the highest standard of living and the greatest production the work has ever known and has brought us closer to the realization of our traditionally ideals of economic and political democracy. It is appropriate, therefore, that the nation pay tribute on Labor Day, to the creator of so much of the nation’s strength, freedom, and leadership—the American worker.”
So, whether you spend this weekend golfing, dove hunting, laying by the pool, watching football, or doing whatever makes you happy, the Wright Firm, LLP wishes you a happy and safe Labor Day weekend. For information about Texasbusiness law contact The Wright Firm, L.L.P. at 972-353-4600 or visit our website at www.thewrightlawyers.com .
Tags: Dallas Business Attorney > Dallas Business Lawyer > Labor Day > Lewisville Business Attorney > Lewisville Business Lawyer > texas business attorney > Texas Business Law > The Wright Firm
Texas Business Attorney: Loser Pays!
Posted on | August 28, 2011 | No Comments
Texas Business Attorney: 2011 Tort Reform: Loser Pay takes effect September 1, 2011
In Rick Perry’s state of the union address back in February, he called for sweeping tort reform, most notably the “loser pays” component. He also addressed the need to have early dismissal for obviously frivolous lawsuits, expeditions of trial and limited discovery. The basis, Perry said, for the reform is to make the legal system more accessible to the “little guy”.
House Bill 274 was passed by both chambers and was signed into law on May 30, 2011. The provisions of the bill will be effective on September 1, 2011. H.B. 274 will apply to all civil actions commenced on or after September 1.
Below is a synopsis of H.B. 274:
- Early Dismissal of Claims—H.B. 274 provided that the Supreme Court of Texas must adopt rules regarding dismissal of certain causes of action that “have no basis in law or fact on motion and without evidence. The rules shall provide that the motion to dismiss shall be granted or denied within 45 days of filing the motion.” Tex. H.B. 274, 82nd Leg., art. 1, § 1.01 (to be codified at Tex. Gov’t Code § 22.004(g)). However, the motion to dismiss does not apply to family law cases or for actions by or against government entities.
- Expedited Civil Actions—The Supreme Court is also required to adopt rules that will promote the “prompt, efficient, and cost-effective resolution of civil actions” in which the amou in controversy does not exceed $100.000.00. Tex. H.B. 274, 82nd Leg., art.2, § 2.01 (to be codified at Tex. Gov’t Code § 22.004(g)). The rules will concentrate on lowering discovery costs and procedures to expedite civil trials.
- Permissive Interlocutory Appeals—The Civil Practice and Remedies Code will be amended to authorize a trial court, either by its on motion or that of a party, to permit an appeal that is not otherwise appealable if the order “involves a controlling question of law as to which there is a substantial ground or difference of opinion” and “an immediate appeal from the order may materially advance the ultimate determination of the litigation.” Tex. H.B. 274, 82nd Leg., art. 3, § 3.01 (to be codified at Tex. Gov’t Code § 22.004(g)).
- Offer of Settlement Provisions—This section limits a party from recovering any litigation costs that total more than the total amount that the claimant either recovers or would recover before adding an award of litigation costs in favor of claimant, or subtracting as an offset an award of litigation costs in favor of defendant. Tex. H.B. 274, 82nd Leg., art. 4, § 4.01 (to be codified at Tex. Gov’t Code § 22.004(g)).” Additionally, “Reasonable deposition costs” have been included in the definition of “legal costs.”
- Designation of Responsible Third Parties—A claimant may not designate a responsible third party if the defendant has failed to comply with its obligations to timely disclose that the person may be designated as a responsible third party under the Texas Rules of Civil Procedure. Tex. H.B. 274, 82nd Leg., art. 4, § 4.01 (to be codified at Tex. Gov’t Code § 22.004(g)).
How the implications of H.B. 274 will effect civil litigation is yet to be seen. Unfortunately, the “loser pay” component may have the opposite effect that Governor Perry was hoping for when he made his inaugural address. Instead of creating more access to the legal system, it may stifle the “little guys” availability to sue. Specifically, individuals or small business owners may be fearful to file suit because of the danger of paying attorneys fees if the suit is not successful.
For questions on Texas business law contact The Wright Firm, L.L.P. at 972-353-4600 or visit our website at www.thewrightlawyers.com.
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Dallas Business Attorney: To trademark, or not to trademark?
Posted on | August 20, 2011 | No Comments
Dallas Business Attorney: I speak to many small business owners each week, and one of the main questions I receive is whether they should file for a trademark. To clarify, a trademark is a word, phrase, symbol or design, or a combination of those, that identifies and distinguishes a distinct good of the registering party. A servicemark, which is often confused with a trademark, is the same, except it identifies a service instead of a good.
The benefit to registering a trade or servicemark is to prevent the unauthorized use of said mark. A registered mark also gives nationwide constructive notice of the ownership claim over the mark, and allows a registrant to bring an action in federal court to protect said mark. A company also can protect their mark globally by obtaining foreign registration through the use of its U.S.registration.
In order to be eligible to register a mark for goods, the mark must appear on the goods (or container for the goods) and the goods must be sold or transported in commerce. For services, the mark must be used or displayed in the sale or advertising of the service, and the services must be rendered in commerce. Proof is required at the time of filing that the mark is used in connection with the goods and is sold or rendered in commerce.
Applications to register a trade or servicemark can be found on the United States Patent and Trademark Office’s (USPTO) website under Trademark Electronic Application System. It is always important to do a trade or servicemark search before filing an application, as the mark to be registered may already be in use.
The registration process can be tedious and time consuming. If you cannot decide whether to register a trade or servicemark, or need help to file an application, please call The Wright Firm, LLP today as we would be happy to help at 972-353-4600 or visit us on the web at www.thewrightlawyers.com .
Tags: Dallas Business Attorney > Dallas Business Law > Dallas Business Lawyer > service mark > The Wright Firm > Trademark > United States Patent and Trademark Office > USPTO
