Grant Bux’s daughter Kathy “Kitten” Bux is quite the singer. She had her own record deal when she was 15 and hit it big when she became the executive producer of her fifth studio album at 26. But then, depending upon who you ask, Kitten had emotional and mental issues that prompted Grant to ask for a guardianship of Kitten. The Court decreed a guardianship; Grant is the guardian. Can a parent take over the responsibility for the physical and financial well-being of their adult child? If so, how, why and for how long?
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Buying Daughter a Business – Assets or Stock?
On Father’s Day, Morgan Bux celebrated with her dad Big Daddy Bux and asked him to team up with her to buy the fast-growing Green Earth Air Conditioning and Heating, LLC in Buda from the Green Earth retiring owner Gaia. Morgan suggested to Big Daddy that he invest her inheritance in Green Earth and work with her to grow the business as part of his own retirement and estate planning. Big Daddy’s tax and estate planning lawyers outlined a plan. Morgan’s business consultant recommended the formation of a Green Earth advisory team to support her after the purchase and developed a long-term plan for management growth and business expansion. To complete the purchase, should Morgan buy the assets or Gaia’s membership interest in the Green Earth limited liability company? Often buyers would rather purchase the company’s asset while sellers prefer to sell the stock / membership interest in the entire company. Why is that? What would Morgan and Big Daddy prefer?
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Selling Mom’s Business – Asset or Stock Sale?
Angelica Bux and her son Duke own a fast-growing, family business Blue Skies Air Conditioning and Heating, LLC in Cotulla Texas. Angelica plans to retire by selling Blue Skies to Duke to fund her retirement. Their business consultant developed their near-term plan to expand and maximize their business’ value. More recently, their tax and estate planning lawyers outlined an effective tax transition plan and the formation of a Blue Skies’ advisory team to support Duke’s management after the sale. To complete the purchase, should Duke buy the assets or Angelica’s membership interest in the Blue Skies’ limited liability company? Often buyers prefer to purchase the company’s assets, and sellers would rather sell the entire company. Why is that? Does an inter-family sale affect their decision?
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Falling Off the Fence: Can You Fire Those with Different Viewpoints?
Ernest “Big Daddy” Bux’s daughter Kathy “Kitten” was working for Approval Literary Agency in Blessing, Texas – that is until last month. Kitten, an associate literary agent with Approval Literary was sacked after her boss learned that she owned accounts on the politically charged social media sites Lobby and Blabber. The agency’s owner I.B. Cheef publicly announced on Twitter that the firm had dropped Kitten after making the “distressing” discovery. Kitten tweeted that she was fired because of her political views. Does Kitten have a case for wrongful termination?
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Moving to Texas? Your Personal Checklist for your Move to the Lone Star State
Last month we focused on the legal considerations for moving your company to Texas. This month our focus is on your personal checklist – legal issues affecting you personally that will need your attention this year.
But first, a quick note about immigration. Together with his kind comments about our last Moving to Texas? article, my good friend and erstwhile immigration attorney Rick Gump urged me to remind both the company management and their employees to ensure that, when moving to Texas, legacy employees are treated as new employees for I-9 verification purposes. He advises that it is important to clean up the company files and take care of company employees by cleaning up their files as they might become subject to an I-9 audit.
After you settle in to your new Texas home and while you are unpacking, it’s time to make your own personal checklists. You might start with these.
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New to Texas? Considerations for Moving Your Business to the Lone Star State
If you’re new to Texas, you’re not the first from California to sing about it. In their 1964 album, The Beach Boys sang about being a “Long Tall Texan.” Nowadays, there’s a lot more to moving to Texas than just singing a song. This is the first of a series addressing tips for moving the entirety of your business and you into the Lone Star State.
If you intend to continue to conduct business in your home state, you should strongly consider having two separate and distinct entities, books, employees and accounting systems. Generally speaking, it’s easier to start a business in Texas than it is to terminate your business ties in your departing state – together with the on-going payment of all of the departing state’s taxes and fees. You should strongly consider the following:Continue Reading New to Texas? Considerations for Moving Your Business to the Lone Star State
Grandma Left the Money to Whom? Legal Options for Undue Influence and Changing of Wills
Ernest “Big Daddy” Bux’s great Auntie Heidi Loper moved to a retirement community when her husband Sam retired years go. A short time later, Sam died. Over the years Heidi’s handyman Don Meetdirts and his wife Ada befriended Heidi. They persuaded her to leave them millions of dollars in cash and other items. Prior Wills would have left Heidi’s property to her family of whom she was very proud – both of the Bux family name and of the assets she and Sam had acquired. When the Wills were changed, Heidi had failing eyesight, deteriorating health and a delicate mental condition. When Big Daddy and the Bux family learned at Auntie Loper’s death that the Meetdirts were the only beneficiaries under the last Will, they asked their favorite attorney if they have a claim of undue influence to deny the Meetdirts any inheritance. Do they?
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COVID-19 Impacting Halloween? A Scary Thought!
Cookie Bux has two elementary age children, Kitten and Jeff who really want to go Trick-or-Treating this Halloween. In fact, Jeff has been wearing his Star Wars Stormtrooper costume around the house since September. Can Kitten and Jeff Trick-or-Treat this year?
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Homeschooling: Too Cool For School?
After learning that Buxboro Independent School District would not re-open campuses until September 8th and dismayed that her children Digger (12), Trixie (9) and Hustler (5) would not receive personal instruction, Anna Nicole Pawlenty posted on a Facebook mom group “I’m in Buxboro, and I’m ‘podding up.’ Who’s with me?” . Can just anyone home school their children? What are the implications?
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What Does a Furlough Mean to My Employees?
When restaurants were ordered to shutter – and before PPP – Ernest Bux’s sister Cookie Bux who owns Beef O’Bux Restaurants was in a bind. Should she lay off or furlough employees who were showing up for work to her empty restaurant chain? What’s the difference between laying off employees and furloughing them? What are her options?
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