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Holmes PLLC regularly consults with business people who do not understand that they’ve become partners, or potential partners, with the people they’ve done business with. “I thought we were doing business together – I didn’t think we were partners!” – is a common...
A businessman can also become a fiduciary informally in situations that give rise to a special relationship of confidence and trust. Texas law recognizes an “informal fiduciary duty” that arises from relationships of “trust and confidence” that are “moral, social,...
In the previous installment of it’s discussion of fiduciary duties, with focus especially on Texas law, Holmes PLLC addressed fiduciary duties in the context of corporations and limited liability companies, two commonly used business entities in Texas. In this...
Another business relationship that gives rise to fiduciary duties is the Limited Liability Company. The Texas Business Organizations Code does not expressly define or impose duties on members or managers of the LLC. However, the provisions do suggest these duties...
A fiduciary duty is a legal duty to act solely in another party’s interest. Parties owing this duty are called fiduciaries. The individuals to whom they owe a duty are called principals or beneficiaries. Fiduciaries may not profit from their relationship with their...
Managing your mineral interests can be time consuming and overwhelming. The key to make the most with your minerals is to manage your mineral assets like a business. There are many factors in minerals management such as knowing the extent of the family’s mineral...
A crucial part of starting a business is deciding which type of business entity to create. Each business entity has unique characteristics that should be considered. The Texas Business Organizations Code allows groups of professionals to operate their practices as...