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Theus Law Offices is rated 5 out of 5.0 stars based on 5 review(s).

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Most people have many questions about estate planning but never make a move to go see an attorney. Before Theus' free seminar I did not even know their were attorneys that specialized in only estate planning. Thank goodness I attended...as I did not even know what asset protection was, even though I had assets. Most people think a written will is fine and pass away thinking that things will be as they wished/stated. Most times that is not the case. I urge you to go Theus Law Offices for consultation. They are friendly and down to earth with your wishes being #1. I cannot say enough good things about them. Now that I have gone to Theus I rest so much easier knowing that my wishes...are going to be held up...just as I wanted...no doubt about it....Thanks to the Theus family !

- Peyton Guillory

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The Theus Law Offices’ Family Estate Planning is a must from my perspective. I had recently lost my dad when I decide to attend the in-person Workshop at the time. My dad and I had attended a similar workshop some four (4) years prior but my dad didn’t elect at the time to move forward. I so wished that he (my dad) had done so because now I am helping my mom go through the Succession/Probate steps with a lawyer currently. If you or your loved ones haven’t made this decision with Estate Planning, I would strongly encourage you to attend this web-based workshop/webinar. Graves Theus is a great attorney to go with for this important step in you and your family’s planning for the future in many, many ways!!!

- Mark Johnson

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The Theus Law Offices’ Family Estate Planning is a must from my perspective. I had recently lost my dad when I decide to attend the in-person Workshop at the time. My dad and I had attended a similar workshop some four (4) years prior but my dad didn’t elect at the time to move forward. I so wished that he (my dad) had done so because now I am helping my mom go through the Succession/Probate steps with a lawyer currently. If you or your loved ones haven’t made this decision with Estate Planning, I would strongly encourage you to attend this web-based workshop/webinar. Graves Theus is a great attorney to go with for this important step in you and your family’s planning for the future in many, many ways!!!

- Mark Johnson

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They are a wonderful Team!

- Jessica Cole

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Estate planning is a complicated process, but my wife and I feel it is valuable and necessary. We started by attending an Estate Planning workshop offered by the Theus Law Offices and led by Jim Theus. That was about the wisest decision we have made in some time. We engaged the services of Theus Law Offices and have benefitted enormously from the direct working relationship with Jim Theus. They did not sign us up and then pass us off to a staff member. We worked with Jim Theus personally. When it was time to work with others of the staff, we found them friendly, knowledgeable, and professional. Jim Theus is exceptionally competent and patiently answers questions. His due diligence is admirable. We found their fees for estate planning reasonable and fair. You would be wise to consider using the services of Theus Law Offices if you are interested in estate planning. We are grateful for their help and recommend them to you without reservations. Our loved ones will also be the beneficiaries of a comprehensive plan, as are we. Doyle L Bailey

- Doyle Bailey

Blog

The Business Judgment Rule: Protect Your Management Decisions


18 July, 2017

The Business Judgment Rule:  Protect Your Management Decisions
Most people - even lawyers - choose to do business in some corporate form, rather than individually, in order to protect personal assets from business liabilities. The most common forms of business entities are corporations and limited liability companies. The choice of entity often depends on which entity offers the best tax attributes for the particular business and its owner(s). 

Regardless of the choice of entity, a business is still run by people. However, the people are acting as directors of a corporation or as managers of a limited liability company when they make decisions and act on behalf of the business entity. 

The “Business Judgment Rule” is a well established principle of law that affords directors and managers protection from the constant threat of lawsuits as a result of corporate decisions and actions. Generally, a court will not impose liability on directors or managers for any decision made in good faith and with reasonable diligence — even if the decision turns out to be a horrible business decision. The rationale is that directors and managers should be free to take reasonable business risks without the fear of lawsuits. 

It is very difficult to overcome the protection of the Business Judgment Rule, even with the new remedy for oppression of minority shareholders in Louisiana. However, it is the process of decision making, and not necessarily the decision itself, that is often the focus of court scrutiny. Without a decision making process, there may be no protection from the Business Judgment Rule. 

Good governance is the key, which requires attention to the most basic corporate formalities. At a minimum, this requires establishing and documenting a process for decision making, periodically electing or appointing officers, directors or managers and filing annual reports, minutes and resolutions reflecting business decisions. Specific record keeping requirements exist under law, including a requirement to keep minutes or records of business decisions. 

It is easy to overlook, shortcut or even ignore what may seem to be unnecessary and tedious paperwork. However, good governance should be routine business practice. Every business owner should adopt and follow a process for decision making and keep records of the decision making process. Legal nightmares can be avoided with just a few easy preventative measures.

For more information on issues of business, estate and tax planning, please contact one of our business attorneys at Theus Law Offices.

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