What is an LP in business? In brief, a limited partnership (LP) is a business structure involving partners with differing responsibility and liability levels for the partnership’s activities. General partners control day-to-day operations and manage the business. Limited partners contribute capital while limiting their personal liability. LPs are common in real estate, private equity, and oil and gas industries...
Continue ReadingEstate planning law and legal documents sometimes state that property should be distributed per stirpes, meaning that when someone dies before someone they would inherit from, their descendants should receive their inheritance. This practical rule is designed to account for what someone would have wanted to happen to their property if, for example, their child dies before them, but...
Continue ReadingThere’s big news if you’ve been preparing to file a Beneficial Ownership Information Report (BOI report or BOIR) for your Texas business. You may not have to anymore. As of March 2025, the rules around who needs to file a BOI report have changed. For most U.S.-based businesses, the requirement no longer applies. This article explains what changed, what...
Continue ReadingIf you run a business in Texas, you may have received a request for a certificate of good standing from a bank, a government agency, or even a potential business partner. You might be wondering: What is it? Do I need one? The short answer is that a certificate of good standing (or a Certificate of Fact – Status...
Continue ReadingWhen we think of workplace sabotage, a disgruntled employee sabotaging the company usually comes to mind. But sabotage can also happen at the partner level. It is distressing, to say the least when your once-trusted partner is sabotaging the business you built together. At one point you both were of common mind with a common vision looking to build...
Continue ReadingImagine building or renovating the home of your dreams. You move in just before the first big, Texas storm, and within hours your bedroom is full of water, your drywall is mush, and all your belongings need to be professionally cleaned or replaced. Your builder or contractor will need to answer a lot of questions! As a Texas resident,...
Continue ReadingWhen someone dies, their assets are usually divided into two legal categories: probate and non-probate assets. But what are probate assets? And what does it mean when something is categorized as non-probate? Whether an asset is considered probate or non-probate property will determine how it will be distributed after a person’s death. In this post, the Austin probate attorneys...
Continue ReadingWhen you enter into an agreement with another person or entity, you assume the other party will hold up their end of the bargain. Unfortunately, this isn’t always the case. Under Texas contract law, a non-breaching party has the right to bring legal action against the breaching party to recover damages if they choose to do so, but what should you...
Continue ReadingBusinesses change over time. It is very rare for the ownership of a company to remain the same over a long period of time, especially when there are multiple owners. Still, many business owners are unsure of how to change the ownership percentage of an LLC in Texas. In this article, we will discuss the two main ways to...
Continue ReadingTexas House Bill 3749 (HB 3749), known as “Jenifer’s Law,” was signed into law on June 20, 2025, and will take effect on September 1, 2025. Initially feared to impose strict new regulations on IV hydration clinics and med spas across Texas, the final version of the bill may actually reduce some compliance burdens for clinic owners and supervising...
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