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Business Development

Dallas-Fort Worth Business Development Attorneys

Protecting the Interests of Business Owners

Whether you have only one rental house or a multimillion-dollar business, you must have the proper business structure in place to protect your assets and plan your legacy. So often, business owners are consumed with daily operations that they are unaware of the risks inherent in working without a professionally crafted business structure. Crain & Wooley excels in creating easy-to-manage, yet effective, plans that mitigate risk, protect personal assets, provide for succession planning, and more.

What Is the Difference Between an L.L.C. and S Corp?

We know that tax rates and paying taxes are major concerns for business owners, which is why we are committed to helping clients determine how to structure their businesses.

Many people, to their detriment, use the terms L.L.C. and S Corp interchangeably. An L.L.C. is a formal business structure that, protects the business owner’s personal assets by separating personal and business activities. An S Corp is a type of tax classification that can be used by both corporations and LLCs.

Why Do Business Owners Use L.L.C.s?

An LLC offers two main benefits: asset protection and a less complicated tax and formal structure than a corporation. Small businesses and individuals tend to use L.L.C.s for personal and investment purposes. An LLC will protect a business owner’s personal assets from being seized to pay off debts accrued by the business. This means that if the LLC files for bankruptcy or defaults on loans, then creditors could not garnish personal accounts or seize property to satisfy debts.

LLCs are considered a pass-through entity, so the LLC does not pay taxes itself. Instead, the profits and losses of the corporation are passed through to the owners and are taxed at the owner’s personal rate. LLC owners have the authority to continue making everyday decisions without encountering any unnecessary burdens.

Why Do Business Owners Use S Corps?

Although corporations are normally taxed at the corporate entity level, S Corps aren’t, and can pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Since all financial considerations are assessed at the individual income tax rates of shareholders, S Corporations avoid double taxation on corporate income.

To qualify as an S Corporation, the company must meet the following conditions:

  • Can’t have more than 100 shareholders
  • Must be a U.S. company
  • Must meet certain shareholder qualifications
  • Cannot be considered an ‘ineligible corporation’ under the law

If the company meets all the requirements listed above, then the corporation must submit Form 2553 no more than two months and 15 days after the beginning of the tax year the S Corp election is going to take effect (IRC 1362(b)).

Contact Crain & Wooley today at (972) 945-1610 or use our convenient online scheduler to discuss your options with our business development attorneys.

Contract Review & Negotiation

The devil is in the details. Whether a lease, a maintenance contract, a non-disclosure agreement, land sale, or any other type of contract, Crain & Wooley is here to serve as your trusted partner in drafting and reviewing contracts to reach your goals.

Our reliable attorneys are familiar with a wide range of business development contracts, and we can clearly explain all of your options so you can make informed decisions. With our comprehensive contract review and negotiation services, you can feel confident you won't have to waste your valuable time and hard-earned money on potential disputes and future headaches.

Continuity Planning

Without a carefully crafted succession plan, business assets are often frozen during a business owner’s incapacity and after their death. Many small business owners use LLCs for rental properties and service businesses because this structure offers great liability protection when paired with simple management.

However, the simplicity of LLCs can often create issues if the owner is incapacitated or dies. That is why is it is important to have an operating agreement that explains what happens, and who is in charge when the owner passes away or becomes disabled and unable to oversee business operations.

The following topics should be covered in a comprehensive operating agreement:

  • The company’s contact information
  • The names of each partner, as well as their roles and responsibilities
  • A list of the percentage of shares owned by each partner
  • Emergency operations policies and procedures
  • Disability and death planning
  • Guidelines for business meetings, taking votes, and financial decision making/accounting

Planning in advance for business continuity can allow the transition when an owner dies to happen with little to no disruption to the business. Business owners certainly have plenty on their plates to keep them busy, but that is all the more reason to have a business continuity plan ready. If you have questions about planning for your business to continue without interruption upon your incapacity or death, please reach out to our knowledgeable legal professionals.

Call our Texas law firm at (972) 945-1610 for help in Plano or Mansfield.

Do you need help choosing the right formation to properly develop your business? Then please contact Crain & Wooley today at (972) 945-1610 or use our convenient online scheduler to set up a free consultation with our business development attorneys

Satisfied Clients Tell Their Stories

  • "Very Professional, Thorough and Good Communicators"
    Justin and his staff were very professional, thorough and good communicators. They prepared every doc they committed to, and in a timely manner. I like the lump sum fee arrangement. I would definitely recommend them.
    - Bart Hubbard
  • "We are so grateful we did this."

    We had been wanting to do and understand a trust for a long time. Once we received the meeting invite, the rest was easy. We learned about wills and trusts in an understandable way. Justin and his team are organized, thorough, friendly and helpful. They coordinated and explained each step of the process. We are so grateful we did this. The cost was invaluable. Thank you for everything. 

    - Shelly Torti
  • "Would Definitely Recommend Crain & Wooley"

    We attended a lunch seminar hosted by Shelly Joyner and her team to listen and learn more about our options with Trusts. Based on Shelly's presentation, examples, and knowledge of Trusts, we were sold on Crain & Wooley as the firm to prepare and manage our Trust.

    The Crain & Wooley process from start to finish was fast, efficient and very professional. Throughout the progression, both Shelly and Steve Crosby communicated, answered all our questions, and provided various trust documents through the portal for our review /comments.

    Would highly recommend the services of Crain & Wooley!!

    - Paul & Helen Cherry
  • "Made the Entire Process a Seamless Operation"

    Finding a law firm to assist me in creating a "Living Trust" was very confusing. After interviewing three law firms, I chose Crain & Wooley.

    They got back to me quickly after the initial consultation and made the entire process a seamless operation. 

    I highly recommend and will work with Shelly Joyner and Crain & Wiiley again in the future. 

    - Ricky Ellis
  • "I would return for other legal issues and would highly recommend this firm for legal advice."
    I am very pleased with the professional services of Crain and Wooley law firm with the trust documents formalized on my behalf.  The fees were fair and the result was done in a few weeks. Terms and legal explanations were understood. I would return for other legal issues and would highly recommend this firm for legal advice.
    - Alex Montanez
  • "I had a fantastic experience with your law firm and now I can relax!"
    I had a fantastic experience with your law firm and now I can relax because I have my affairs in order! It was a very easy process, very informative, easy to gather their information and get the awesome result of having all my documents into my trust. Very impressed with the professionalism of Shelly Joiner, Jessica and Steve. I highly recommend this law firm Crain & Wooley for all the estate planning needs. Thank you!
    - Wanda Echevarria
  • "Very Thorough In Explaining My Options"
    Shelly was very thorough in explaining my options in estate planning and reviewing the documents I did have. I appreciate the speed and ease in completing my documents and support in transitioning my home into our living trust.
    - David Smith
  • "We Felt Valued, Cared for and Appreciated"
    It was a pleasure working with Justin Crain, Shelly Joyner, Steve Crosby, and the entire staff at Crain and Wooley. From the moment we walked into their office, we felt valued, cared for and appreciated. Justin took the time to explain to us the benefits of creating a trust and patiently answered all of our questions. My wife and I particularly appreciated their educational emphasis. They provided us with videos and literature that deepened our understanding of the process and purpose of  creating a trust. We never felt any pressure during our meetings with them to purchase any legal products or services. They educated us, encouraged us to ask questions, and let us make our own decision. We did decide to create a living trust, and we are very pleased with the results.
    - William Benninghoff

Designed for Your Comfort & Convenience

Estate Planning With Us Means:
  • Flat-Rate Pricing*

    Finally, you won’t need a lawyer to understand your legal fees. We clearly communicate our pricing structure upfront, so you can feel comfortable with our service from start to finish. No surprises, no hidden fees. *Our flat rate fees apply only to proactive planning services.

  • Optional Lifetime Guarantee
    With our optional lifetime guarantee, your will and trust will be automatically updated over the years to ensure it stays current with best practices, reflects your current wishes and minimizes future confusion for your family.
  • Knowledgeable Service
    Laws change all the time. We stay up to date with all the latest information so that you’re covered. No one else in the region is as dedicated or educated in this area of law. We’re the experts so you don’t have to be.