Anyone who pays attention to business in Texas is probably aware that some businesses in the state resort to unfair and even illegal practices to further their own particular interests. These practices include putting products of inferior quality on the market, maligning other businesses and using misleading forms of advertising to lure customers into bad deals. To help prevent such practices, the state of Texas enacted the Deceptive Trade Practices Act, which was discussed in an earlier post on this blog.
Many businesspeople in Texas would agree that coming up with a business idea is one thing but actually implementing that idea and watching the business take off is another. Many people fail to launch their new business because they don't know how to make their idea a reality. That is why it is essential to formulate a game plan and then follow through with it.
In order to carry out day-to-day operations or invest in new plant or equipment, a business owner may borrow money from a financial institution. According to the existing federal and Texas laws, the business must repay the loan according to the terms and conditions of the loan agreement. However, it is not uncommon for the business that borrowed the money to default on the loan and face legal action from the creditor. Sadly, such situations can cause the business and the business's owner to face major difficulties if the situation is not handled properly.