On behalf of John McDuff, Attorney at Law posted in Business Transactions
Two struggling Austin banks are poised to merge into an existing entity in the near future. Community State Bank on Ranch Road 620 and Westlake’s Treaty Oak Bank are working out the details of mergers with Carlile Bancshare Inc.
These acquisitions are a way for the banks to survive difficult financial circumstances. Carlile Bancshare reports that the banks’ names will change but that much will stay the same. Carlile has been acquiring troubled banks throughout Texas and the U.S. and found the two Austin banks to be good candidates to join their group.
Business Transactions in Austin
Mergers and acquisitions are just a few of the possible business transactions that Travis County entities can consider when they are looking to expand, change ownership or find a way to survive tough financial times. Some of the options that businesses have are:
- Changing a business form: restructuring from a sole proprietorship to a limited partnership
- Buying or selling a business
- Asset purchases
Some businesses are not as troubled as the aforementioned banks and simply need help in the creation, negotiation or litigation of a business contract. Every Austin business typically needs to enter into contracts with many different parties to be successful. Below are just a few examples of the contracts that businesses routinely enter into:
- Leasehold and real estate agreements
- Contracts with suppliers
- Contracts with customers or clients
- Financing agreements
- Non-compete contracts or covenants not to compete
The above contracts are a crucial component for every business but require experience and careful skill. A poorly drafted contract or a failure to negotiate important terms may have a negative and lasting impact upon any business. It is important to do things right the first time, because Texas law supports parties’ rights to freely contract with each other and is reluctant to modify or overturn a business agreement.
Source: Time Warner Cable News