KalishLawTexas' legal blog The Woodlands

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28 Mar 2011

Excellent Resources for Texas Employers
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Running a business is demanding and business owners can use all the help they can get. I just attended my second TWC (Texas Workforce Commission) Business Conference for Texas Employers.

Is it my opinon that many, if not most Texas employers don't know about the resources available to help them. For some employers, "TWC" may have a negative connotation because the agency is associated with "having to pay taxes", regulations, claims for unemployment or injury against the company, and audits.
In reality, the TWC has an entire section that is devoted to Texas employers. There are three Chairmen appointed to the Texas Workforce Commission. One represents employers, one represents labor, and one represents the public. As part of the agency's service to Texas employers, the following resources are available:

1. The Texas Employers' Hotline, where employers can call and ask questions 1-800-832-9394

2. The magazine "Texas Business Today", which is available free of charge by an online search, or by subscription. http://www.twc.state.tx.us/news/tbt/tbt.html    In addition to containing legal information, this publication also contains good, practical advice about day-to-day situations in the workplace and advice about how to deal with them. For instance, in the Winter 2011 issue, check out the articles "Taking steps to deal with poor attitudes in the workplace" and "How to deal with employees who refuse to sign policies or warnings" (by William T. Simmons, Legal Counsel for Chairman Tom Pauken).

3. An all-day seminar for Texas employers which is " a steal" at $85 and de-mystifies employment laws and regulations, unemployment benefit calculations, and hiring procedures. Seminar materials include a text and disk with explanation of the laws affecting Texas employers, required posters, sample forms and sample language to help you create office policies.

4. Programs that reward Texas employers for hiring an unemployed worker, or a veteran. Check out http://www.twc.state.tx.us/news/txback2work.pdf

5. the "Skills for Small Business" Program for tuition reimbursement for employees who further their skills by attending work-related classes at a local community college.

Texas employers, be sure to check out these helpful resources! Be aware that some of the programs available may not be available forever, as funding may be limited.

Kalish Law Office has been representing businesses and families in The Woodlands, Texas since 1984. www.kalishlawtexas.com
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14 Feb 2011

Prepare in Advance for The Sale of Your Business
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If you are considering selling your business, there are things that you can do to prepare in advance and make the process easier.
It is often very helpful to have a legal consultation early in the process, to guide you in organizing your thoughts and your documents.

If you have a business organization set up already (corporation, partnership, LLP or LLC), you should make sure that the documents that you have filed with the state and the IRS are available and up-to-date.

You should also consider whether you will need to get the business evaluated, and also be sure that your bookkeeping and taxes are in order.

Decide what you are willing to sell. Different aspects of the business may be “split” off from the sale. For instance, if you own the property that the business operates from, you may decide to sell the business itself, but keep the physical location in your name and act as the landlord to the new owner. You may decide to sell client lists and the system you have developed for making it a success, but you may not want to sell the name or transfer the corporation to the new owner.

If you are in a business or profession that has licensure or regulation, you should be sure that you are aware of any limitations and regulations that must be followed to allow a sale and transfer to a new owner.

A realistic evaluation of assets, liabilities and future potential of the business will help you to determine a fair price to ask.

Once you have things in order, you can begin to advertise or network to gain a potential buyer.

By organizing yourself early, you have a better chance of being ready to move right away if an opportunity should present itself. A business lawyer can help you by guiding you through the process, as well as telling you the documentation that will be needed to take the transaction through sale, to closing and transfer.

Kalish Law Office has been representing business owners in buy-sell transactions since 1984. “Passionate, Professional and Personal. We Make the Difference.” www.kalishlawtexas.com The Woodlands, Texas
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10 Feb 2011

Three Things to Consider When Deciding Whether to Incorporate
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There are three main considerations when deciding whether or not to change the form of your business. 1) Tax benefit; 2) liability protection; and 3) the time-cost analysis of changing your company’s legal status

Tax Benefit:

Oftentimes the tax benefit analysis is not a “legal question”, but rather an “accounting question”. If you are unsure of whether you might benefit from a change in your business structure, ask your CPA for more specific information about the different options (incorporation, partnership, LLP or LLC) and what they would mean to you in dollars and cents.

Protection:

As far as asset protection, the first rule is to always have the appropriate insurance policies!    But even the most careful business owner can find him/herself involved in a lawsuit.   You may not have significant assets right now but be aware if that a judgment is rendered against you it may be collectable several years from now. So you should not ever take asset protection lightly.

If you already have significant assets and your business is doing well it is time to consider taking asset protection to a level beyond the mere purchase of insurance policies. Structuring your business properly will make it a separate legal entity from you. However, whether or not a business structure protects you and your personal assets depends on the situation, the type of business you are in, and other laws and regulations which apply. You can’t assume that just because you have a corporation or an LLP that you and your assets will be protected in all instances.

Time-Cost Analysis:

If you are a sole practitioner, you are your business and your business is you. If you form a business corporation, your business will be a separate legal “person.” You will have additional paperwork to do. In addition to meeting federal tax requirements, you will have to be sure that your information on file with the state is current, your “entity books” are updated regularly, any required annual statements are filed, and your franchise taxes are paid in a timely manner.   Failure to do these things can result in forfeiture of your status.   We have our clients docket the important dates on their business calendars and return to us yearly for a review and update, usually between Jan and April.

Any business entity that is formed must comply with all laws, If you are in a profession which requires a license you will need to be aware of restrictions on what a business may be named, what form of organization may be used, what types of licensed professionals are allowed to practice together, and whether or not an entity may include non-licensed individuals as principals.

If these additional requirements help you save money, protect your assets, grow your business, and stay out of legal trouble, the time that you spend will be well worth it.

Plan Ahead

Talk to a business attorney about the types of options available to you. Explain your current status, your short-term and long-term business and financial goals. Adequate planning and preparation is the key to success.

To get the most out of your consultation, make a list of your goals and a list of your questions. A summary sheet which describes your business (length of operation, industry, owner/partner information, financial status) will also help the attorney in analyzing the situation.

Kalish Law Office has been serving business clients in The Woodlands, Texas and surrounding areas since 1984. www.kalishlawtexas.com
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KalishLawTexas' legal blog The Woodlands

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28 Mar 2011

Excellent Resources for Texas Employers

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14 Feb 2011

Prepare in Advance for The Sale of Your Business

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10 Feb 2011

Three Things to Consider When Deciding Whether to Incorporate

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