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Understanding “Breach of Contract”

Oftentimes, businesses are unpredictable in nature. Contracts are created between two or more business parties so they have the security that their business will not be compromised if an unfortunate situation occurs. Because businesses have secured a contract, they are allowed to file a lawsuit when a “breach” occurs.

In a signed contract, all parties have agreed to fulfill all the listed details that are critical to the business. A person who signs a contract and fails to follow one or more of the agreed obligations is actually committing a breach and therefore compromising other parties who have also signed the contract. As disputes often take place in a breach of contract, affected parties may seek damage claims, ask for a resolution, and potentially seek the recovery of their losses after the breach. As businesses are financial in nature, affected parties are given payments to help them recover from their losses.

Unfortunately, breach of contract is a complicated legal topic that is critical to the success of any business venture. If you are considering starting your own business in Austin, an experienced lawyer at Adam Pugh may be able to work for you. Call our office today at (737) 261-0602 to find out how we may be able to work on your behalf.

Things to consider when operating a sole proprietorship

Due to the simplicity of the structure, many people opt to run a sole proprietorship when they go into business. However, for an individual to legally operate a business in Austin, he or she should consider the following things:

  • Possibility of getting a business license
  • Business registration required by the state or the municipality where the company will operate
  • Financial capacity of the entrepreneur to run a business
  • Possibility of transferring business ownership
  • Duration of business existence

People who decide to run their own business should seriously deal with the aforementioned things because the type of business you choose to pursue could make or break the success of your chosen venture. Though individuals can browse the Internet to educate themselves on how to become a sole proprietor, seeking advice from skilled business attorneys is essential because they are knowledgeable about the legal aspects of setting up a business. Speak with the attorneys at Adam Pugh today by calling (737) 261-0602 to learn more about your options.

Hiring in Texas increases in July as economy improves

A recent report revealed that more workers were hired in Texas last month as a result of continuous economic improvement in the state, an article of Dallas Business Journal reported on August 19.

The increase in workforce hiring was attributed to the improved economic improvement felt in Texas in the second quarter, veteran economist Keith Phillips said. A report of the Federal Reserve Bank of Dallas revealed that there were approximately 21,700 workers hired in July compared to the 16,700 recorded hires in June. Phillips also said that many employers are getting more active in advertising jobs as they open up job opportunities. The workforce in Texas this year is estimated to reach 96,200.

Starting your own business can be exciting as the economy continue to improve. If you want to know how you can run your business smoothly in Texas, an attorney at Adam Pugh may be able to help you. Call our office today at (737) 261-0602 to find out how we may work on your behalf.

Ways to fund a small business

No matter how promising your business idea is, you will need to figure out where to find the funding to turn your idea into a reality and start making money from it. While there are individuals who have enough money saved or decide to use their assets to start a small business, many business owners do not consider this approach because it will risk their personal financial health. Below are some other ways individuals could receive funds for their business.

  • Consider getting a commercial loan offered by a private financial institution. There are banks and credit card companies that offer financial assistance for small businesses.
  • Individuals may fund their business by looking for partners who are willing to invest in their business in exchange for a business ownership share. This option is worth considering if you have a poor credit history and cannot obtain a loan.
  • Individuals may seek the help of the Small Business Administration (SBA) or another federal or state agency that offers financial support to small business owners.

If you are looking for advice on how to finance your small business, discuss your situation with an attorney at Adam Pugh in Austin. Call our office today at (737) 261-0602 to find out how we may help you start your small business.

Texas faring better as country’s economy slows

An economist recently observed that Texas’ economy performed slightly better than other states in the second quarter, an article of WBAP reported on August 1.

According to Southern Methodist University economist Dr. Bernard Weinstein, Texas did “fairly well” even though the nationwide economy barely reached a 2 percent increase in the second quarter. Though consumer spending is up, which is an important factor in a healthy economy, Weinstein noted that fewer businesses are making new investments. Weinstein explained that job creation is hurt when businesses do not make new investments in plants and equipment. Last year, the Texas economy created 175,000 new jobs, down from the 300,000 created two years ago. 

If you plan to contribute to the U.S. economy by running your own business, the Texas business lawyers at Adam Pugh may be able to work for you. Find out how we can provide you with fresh ideas on how to operate legally by calling (737) 261-0602.

What to write in a business plan

Potential entrepreneurs are often reluctant to write a business plan for their chosen venture because they assume it is unnecessary. However, a comprehensive plan can provide you with a full understanding of what you want to do and where your business will go in the future. Below are the topics that should be included in a business plan:

  • Executive Summary
  • Set-up and Structure of Business
  • Financial Plan Strategy
  • Development and Regulatory process outline
  • Marketing Plan
  • Biographies
  • Launch and Delivery Plan

The business plan serves as a map for entrepreneurs to help them determine each aspect of their business. While there is no infallible way to succeed in running a business, having a comprehensive business plan puts a potential entrepreneur one step ahead of competitors. If you are trying to start your own business in Austin, an attorney at Adam Pugh may be able to work for you. Call our office today at (737) 261-0602 to find out how we can push you ahead of your competitors.

4 steps to forming a small business in Texas

Operating a small business is an elusive practice for many, but the effort can come with huge rewards. Individuals determined to take the plunge and become an entrepreneur in Texas are required to complete four basic steps.

  1. First, you need to file a business name with the county and/or state and decide what kind of legal structure it will be.
  2. Determine the required taxes you need to settle within the jurisdiction of your business, including taxes owed to the federal government.
  3. Depending on the chosen business type, you will need to secure business permits and licenses, including registrations and authorizations for your business.
  4. Lastly, as a future employer, you will need to meet the state and federal requirements concerning employment laws.

Forming a small business is exciting, especially if it will help you fulfill your dreams. If you are ready to enter the business world, seeking the advice of an experienced business attorney is important. An attorney can offer you assistance and guidance along the way. Find out how an attorney at Adam Pugh in Austin may work for you today by calling (737) 261-0602.

Choosing a name for an LLC in Texas

A Limited Liability Company, or LLC, is a business structure that blends features of a partnership and corporation. Texas law initially requires potential entrepreneurs to provide a name for their chosen LLC.

Entrepreneurs who choose to form an LLC should understand that their business name must contain the abbreviation “LLC.” For example, John might use “John Law Firm LLC” as his law firm name. There are several ways to write the LLC abbreviation, such as L.L.C., L.C., or LC. The abbreviated form of limited and company such as Ltd., LTD, and Co., can also be used in forming business names. The business names should be unique in nature and not resemble existing company names. One way of checking a business name’s availability is by searching the Texas Secretary of State online research tool SOSDirect. Entrepreneurs are given 120 days to reserve a business name after filing the Form 501. Entrepreneurs are subjected to a $40 fee for filing the Form 501 through mail or SOSDirect.

If you want to know more about LLC’s, or if you have decided to open up your own business in Austin, get in touch with the Adam Pugh business lawyers. Find out how we may help you start your business by calling (737) 261-0602.

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