Philip W. Boyko Business Law Blog

We often hear about relationships resulting in a breach of "fiduciary duty."  But does the general public know what type of relationship gives rise to a fiduciary duty in the first place?  The purpose of this post is to provide the reader with a better understanding of the type of relationship to which will attach a "fiduciary duty."

Perhaps it would be beneficial to approach the topic from the back end, i.e., to first start with a clear... Read More

I can't turn on my car radio these days without hearing an advertisement by one of the many companies selling what I will call "incorporation kits" to the masses at prices that are significantly less than the cost of a single hour charged by any self-respecting attorney.  The advertisement almost always includes questions that go something like this: "But don't I need to hire a lawyer to incorporate?  Incorporating a business is difficult!" ... Read More

As we reach the end of the first decade in the twenty-first century, I pause to reflect on those responsibilities that a lawyer is charged with before a new client even walks in the door.  I do so because that new client appears at the door with a vision of what their lawyer should be to them.  It's a selfish interest, and that's okay.  After all, they have a problem that requires the attention of the lawyer and they could usually care less... Read More

You have fallen behind on payments to your creditors.  It's not always the result of your spending habits.  A down economy, a catastrophic injury or illness resulting in huge medical expenses, or a number of other reasons that prevent you from paying that creditor that you had every intention of paying.  The original creditor then turns your account over to a debt collector.  After a certain period of time the telephone calls begin. You know you owe... Read More

In writing this blog, I usually chose a legal topic that I believe will pass some useful, but general, information to the reader.  This time, however, I won't talk about a "legal topic," but something that the prospective client should find informative.  Your initial telephone call with the lawyer or the staff at his/her office.  Why is this important?  Because first impressions are always important and you will probably be able to... Read More

In these difficult financial times, I am often asked what assets can a judgment creditor ("JC") go after?  This question obviously comes from a debtor that has resigned himself (itself, if a business entity) to the fact that he owes a creditor money, the creditor has sued him or is about to sue him, and there is little benefit to be gained by spending money defending the lawsuit.  This requires an analysis of the laws in Texas exempting... Read More

Clients often ask for advice about which type of business entity to use in their new business endeavor.  More often than not, two of the entities drawing serious consideration are the limited partnership (the "LTD") and the limited liability company (the "LLC"), rather than the corporation. A few of the reasons follow:

  The limited liability company (the "LLC") was designed to combine the unique attributes of limited liability and centralized management, always the hallmarks of the corporate structure, with the true pass-thorough nature of a partnership.  The LLC is based, in large part, upon the contract between its members, similar to a partnership agreement.  Therefore, fundamental principles of freedom of contract give the owners of the LLC maximum... Read More

Business entities take many forms.  If you and another person start a new business, how do you know if you are in a partnership with that person?  What you must first recognize is that if you have not taken affirmative steps to form that busines (i.e., you haven't filed a document with the secretary of state and paid a filing fee), then by default, you are probably operating under the partnership form.  You might then say, well that's okay as we don't have a written... Read More

I received the following tips from another attorney regarding some simple things we can all do to protect ourselves from identity theft, together with some steps we should take if we become a victim of identity theft.  I don't know if they have been tested, but I do know they seem to make sense.  Here they are: