Plano, Texas has been enjoying a business boom. As a Plano business law firm, we are excited to help local businesses make the most of this favorable economic climate.
We give our clients the legal advice and guidance on business transactions that they need to help their businesses thrive and grow.
What Is a Business Transaction?
A business transaction is any interaction a business engages in that has an economic effect on the business.
Business transactions occur throughout the lifespan of a business, from the time it is first set up until the time it is sold or closed down – and at all points in between.
For a business to operate smoothly, business transactions must be properly handled, with attention to legal requirements and an eye towards the future.
Examples of Business Transactions
Most people think of contracts when they think of business transactions. It is true that carefully drawn contracts are essential to the smooth operation and profitability of a business, and needing contracts written is one of the main reasons why business people consult business attorneys.
Business transactions, however, do not stop at contracts. Other common types of business transactions include:
- Mergers and acquisitions
- Joint ventures
- Real estate transactions
- Selling a business
There are potential pitfalls in all of these transactions if they are not executed properly. On the other hand, when transactions are handled skillfully, they help ensure the success of the business.
What Kind of Documentation Is Needed?
Every transaction needs to have carefully drafted documentation that meets the requirements of local, Texas, and federal law. Common documents include:
- Commercial contracts
- Partnership agreements
- Shareholder agreements
- Employment contracts
- Employee manuals
- Employment contracts
- Contractor agreements
All of these documents have to anticipate and account for potential problems. They should be drafted by someone with the experience to know what issues are foreseeable and what would be the best way to deal with these issues, if they should arise. Poorly drawn documents can leave a business vulnerable to adverse events that the documents do not take into account.
Why You Need a Lawyer for Business Transactions
A lawyer can help reduce your risks and help ensure that your interests are protected.
An experienced business lawyer will anticipate future problems and help prevent them before they happen. The business lawyer’s work helps your business run more smoothly and more profitably. Using a lawyer on your transactions reduces the risk of litigation and protects your personal finances.
We work with businesses that are at all stages of a business lifecycle. Whether you plan to launch a new business, expand an existing business, buy or merge with another business, or explore options for what to do with your business when you retire, we offer the expert guidance and legal advice to make the process easier for you and to help your business achieve the best possible outcomes.
We work with businesses in Plano, Texas, and throughout Collin County. We take pride in being the right size to forge one-on-one relationships with our clients.
To find out more about how we can reduce your business-related risks and help your business thrive, please contact us. We would be glad to answer your questions and tell you more about how we can help.