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You are carrying the note on the sale of a property, and the borrower has missed several payments, has failed to provide proof of insurance, or has not paid the property taxes. If your efforts to get them to comply have been unsuccessful, it may be time to foreclose on the property.

The time of year is coming up for holiday travel and family gatherings. Holiday travel frequently causes clients to make a desperate last minute call to my office to make estate plans. If the call comes very close to the holiday travel date, it may not be possible to get the documents drafted in time. Attorneys like to take time off to enjoy the holidays too.

Families frequently come to me needing to know how to figure out who gets what when a loved one dies without a will. Unfortunately, the answer is that they may be in for a lot of expense and time in a very complicated legal proceeding.

A common misconception about prenuptial and postnuptial agreements is that they are only desired by wealthy, greedy individuals. Truthfully, many couples benefit from having such an agreement in place.

A limited partnership is just another type of partnership. It is different from a general partnership because it has both general partners and limited partners. A limited partnership is also considered a distinct entity from its partners.

Although they have similar names, an LLP (limited liability partnership) and an LLC (limited liability company) are different types of business structures.

Oftentimes, I have clients come to me asking for an S-Corp, not knowing what this really means. An S-Corp is not a different form of corporation, but rather a special tax treatment of one or more standard Texas corporations. The incorporation with the Texas Secretary of State actually has nothing to do with the S-Corp status.

A primary reason for incorporation is to protect your personal assets from claims of creditors of the business. You want to be able to keep your personal assets if you cant pay the bills of the business, or have some other large liability claim against the business not covered by insurance.

A corporation is a separate legal entity from its owners. A corporation can be owned by one person or many people. The corporation is formed under the laws of the state in which it is operating, with Articles of Incorporation or Certificate of Formation.

Limiting potential personal liability of investors or owners is often the biggest consideration favoring incorporation or LLC formation. These two entities limit the exposure to liability of investors or owners for business debts or liabilities to the amount invested and protect other personal assets of the investors from those debts.