Frequently Asked Questions
Why do I need estate planning?
In Texas, if you have not prepared proper estate planning documents (such as a will, powers of attorney, or a trust, as appropriate) your estate can incur additional tax, medical and legal expenses and costs, in addition to extending the time required to finalize your estate. This can put a great burden on your loved ones who may be obligated to administer your estate. Hoodenpyle & Petter, P.C., can help you prepare your estate plan to reflect your intentions and to minimize or alleviate the financial and administrative burdens that could be placed on those who will care for you or go on after you.
How do I know what form of business entity to establish?
The form of business most advantageous to your situation depends on your business objectives. In most situations, the focus is on how your entity will be taxed and the extent to which the entity can be shielded from potential liabilities. Hoodenpyle & Petter, P.C. has the experience and the knowledge of business organization law to help you make prudent business formation decisions.
What special things do I need to consider when buying/selling a business?
Is the price fixed or subject to events occurring before or after signing? Will the buyer acquire ownership interest in the target business or will there be merely a transfer of assets from the target business? After the closing, what liabilities will the seller remain liable for, either directly or indirectly through indemnification arrangements? How thoroughly has the buyer investigated the business? These questions are just the beginning of a significant number of questions that a buyer/seller should be considering with the sale of a business. Hoodenpyle & Petter, P.C. has extensive experience with negotiating multi-million dollar purchase agreements. No sale is too large or too small for our firm to provide quality contracting and negotiating assistance.
I just got sued? What do I do?
Contact an attorney immediately. Timing is critical in a lawsuit. An answer must be filed within a limited period, which can be as short as two or three weeks. In some cases, if you do not respond not only in a timely manner but also with an appropriate verified answer, a judgment may be taken against you. What court are you being sued in? What county? State or Federal Court? By failing to file an appropriate response you may waive a right you would otherwise have to move the lawsuit to a more convenient location. Is there a possibility that the lawsuit might be resolved or dismissed quickly? Your attorney may be able to advise the other party of some important fact that will change the dynamics of the suit or enable your attorney to negotiate an appropriate settlement? Remember to compile promptly all relevant documents and background information. Hoodenpyle & Petter, P.C. is available to analyze your position and to provide you knowledgeable representation in court.
How is the firm involved in collecting delinquent property taxes?
On January 1 of each year, a tax lien attaches to property to secure the payment of all taxes, penalties, and interest ultimately imposed for the year on the property. Generally, property taxes are the personal obligation of the person who owns or acquires the property on January 1 of the year for which the tax is imposed. At any time after its tax on property becomes delinquent, a taxing unit may file suit to foreclose the lien securing payment of the tax, to enforce personal liability for the tax, or both. The governing body of a taxing unit may contract with any competent attorney to represent the unit to enforce the collection of delinquent taxes. Hoodenpyle & Petter, P.C. has collected delinquent taxes in the Johnson, Parker and Tarrant counties since the 1960s. We also have represented individuals and businesses who have found themselves in the midst of delinquent property tax lawsuits.