Purchase and Sale Agreements are required when a person or entity acquires another business or assets of another business. These sorts of documents are common place and if you are in the market to purchase an existing entity with ongoing operations, this is a document that you should become quite familiar with before actually signing on the line. It is also a complex document that should be drafted by an attorney. Many people that I have spoken to over the years have not wanted to hire an attorney because of the additional cost. However, when you are spending hundreds of thousands and even millions of dollars on purchasing a new company or business assets, saving a little bit of money on attorney’s fees is not worth it if you mess the whole thing up and it costs you big time in the future.
Here is a basic run down of a Purchase and Sale Agreement. It is a lot like a Residential Real Estate Contract, but with some additional terms and sections that make it a much more complex document that a Realtor or broker, absent a corresponding law license, should not be drafting from scratch on their own.
Consultations for residential and commercial real estate issues including review/comment on TREC and TAR earnest money contracts, title commitments, and closing documents. Asset protection review (APR) is also available. Charges apply for consultations and APRs.
Real estate document preparation for Texas residential and commercial transactions including earnest money contracts, warranty deeds, real estate lien notes, deeds of trust, affidavits, leases, lien releases, assignments, options, and affidavits of heirship.
Real Estate Litigation
Guest and Gray, P.C. is proud to be the largest and most highly rated law firm in Rockwall and Kaufman counties. A big reason for that is we offer a wide variety legal services and unparalleled customer service.We are longtime faces in the community and our most of our attorneys grew up right here in Kaufman and Rockwall county. The benefits you receive from a law firm like ours is that you have the resources of a larger firm but in your hometown. So, if you have legal problem and do not know where to turn, you need to turn to Guest and Gray, P.C. Our focus is first and foremost on the client and fighting to obtain the best possible outcome for your case.
We are also the largest law firm in Rockwall and Kaufman counties and because of that we have the resources and staff to help our clients in manner different types of legal issues. We have attorneys dedicated to different types of practices as opposed to a solo practitioner who practices about 10 different areas of law everyday. We call ourselves a “full-service” law firm for a reason. We feel that the size of the firm and the fully staff offices provide clients with excellent representation to meet your legal needs, no matter what the case.
What Does It Mean To Be a Full Service Law Firm?
Have you recently been served with lawsuit in Dallas, Rockwall or Kaufman Counties? Well, stop freaking out for a few minutes and read this article. There are several things you need to understand about the papers you just received and what that means for you, your business and your money.
- 1. You Are Now On The Clock
If you have been served, the time period for you to file your answer or other plea has begun. It is important for you to understand the time period provided on the citation paperwork you have received. If you have been sued in county or district court, the time period provided is funky and should say something like this: you have until 10:00 AM the Monday next following the expiration of 20 days following the date of service.
Dallas, Forney and Rockwall are hubs for small to mid-size businesses that operate as partnerships. These areas are growing at incredible rates and businesses are flocking here because of the need for services. Because of this, Guest and Gray, P.C. is seeing a huge uptick in the amount of partnership disputes that have arisen as a result of the intense residential and commercial growth when the partnership has not worked out exactly as intended. Maybe you find yourself in this situation.
The truth is that you never thought this could happen and certainly never wanted it to, either. Does this scenario sound familiar: you and a long time friend or business associate opened a business together some years ago, and although things went well for the first few years, the relationship has soured and now it seems like an impossible situation every day you go to work. The environment has become hostile and the business is now suffering because of it. Does this sound like you? This is what is called a partnership dispute. The dispute can arise from management styles, business debt, or poor performance of one of the partners or business itself. It can also arise from one party acting on his own and taking partnership business or profits for himself. It can be the result of darn near anything.
Partnership disputes have almost the same feeling as a divorce. Although more than two people can enter into a partnership, the usual scenario is that two people started a business together and now there is some infighting or “infidelity” and the partnership is now suffering as a result. Now one or both of the partners want out. It essentially amounts to a business divorce.
Forney, Rockwall and Terrell are experiencing residential and commercial record growth. Over the summer, the Terrell chamber of commerce celebrated the fact that there were over 500 members of the Terrell Chamber of Commerce. Rockwall is the largest city in the area with over 100,000 in population and boasts thousands of businesses, both large and small. Business is booming.
Many small businesses are experiencing huge upticks in sales and are struggling to deal with their growth. They have never had to think of themselves as big players before. Maybe you are one of those local businessmen and woman. It can be hard to balance both the administrative and operational roles in your business. Maybe you have operated as a sole proprietorship for many years, but as your business has grown, you’re growing more concerned with potential liabilities associated with your business and need to know more about what your options are: should I incorporate? What are the benefits of becoming an LLC? How can I protect my assets against an adverse judgment?
Those are questions that your local attorneys at Guest and Gray can answer. We can help you plan out a business structure that works best for you and your business and provides you the best protections that the law will provide.
However, in typical fashion, the Texas Legislature has made certain exceptions to this general rule. Namely, they have made an exception by allowing non-compete agreements to be enforceable in certain limited circumstances: “notwithstanding 15.05 of this code … a covenant not to compete is enforceable if it is ancillary to or part of an otherwise enforceable agreement at the time the agreement is made to the extent that it contains limitations as to time, geographical area, and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other business interest of the promisee.” (Tex. Bus. & Com. Code 15.50(a)).
Non-Compete Agreements as Restraints on Trade