What if my Note is purchased by a third-party. How long do they have to sue me?

Question.What if my Note is purchased by a third-party. How long do they have to sue me? Answer: In Texas, the answer is settled, but in other states this answer may vary. In FDIC v. Bledsoe, 989 F.2d 805 (5th Cir.1993),the Fifth Circuit held that assignees of the federal government are entitled to the six-year… [Read More]

What is a DBA and when do I need one?

Question. What is a DBA and when do I need one? Answer. A DBA is short for “Doing Business As.” This is a legal declaration that your company is doing business another another name. For example, ABC Corporation d/b/a ABC Trucking. In Texas, the DBA is often referred to as an “Assumed Name.” Business owners… [Read More]

How will my business partner’s divorce affect the LLC we have together?

Question.How will my business partner’s divorce affect the LLC we have together? Answer. In Texas, a member’s interest in an LLC may be community property; however, a member’s rights under the Operating Agreement (e.g., right to participate in the management of the business) are not. Therefore, if one LLC member gets a divorce, they won’t… [Read More]

Can my Nonprofit hold Raffle to Raise Money?

Question:┬áCan my Nonprofit hold Raffle to Raise Money?┬áThe Charitable Raffle Enabling Act, effective January 1, 1990, permits “qualified organizations” to hold up to two raffles per calendar year, with certain specified restrictions. Answer: A raffle is defined as the award of one or more prizes by chance at a single occasion among a single pool… [Read More]