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After assessing venue, Holmes PLLC next discusses with each client the mechanics of the lawsuit it faces, or must file. Petitions and Answers. Lawsuits begin with “petitions” in Texas courts (and “complaints” or “petitions” in other jurisdictions) and “citations”...
“My company just got notice that we were sued by a party to our sales contract in a rural Texas county [or in downtown Dallas].What should we do now?” Or, this: “My company has had enough of our business partner and is losing too much money because of him. We hate...
What are post-production deductions in gas royalties? Post-production deductions (“PPDs”) are charges against royalty payments that reflect a producer’s (lessee’s) efforts to transform newly produced gas into a marketable product and then to sell the product. Such...
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...
Disclaimers can minimize subsequent tort claims when business participants are entering a deal and are initially papering it up. Releases, on the other hand, can minimize subsequent tort claims when business participants are exiting a deal, tying up loose ends and...
Law students learn that contracts, and breaches of contracts, occur among marketplace participants that know one another, and that torts occur among participants that are strangers to one another. Use contract law, if the parties know each other. Use tort law, if...
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...