Series LLC Formation

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Some states have authorized the use of Series LLCs and Texas has joined those ranks. What is a Series LLC and how is it different that the traditional LLC, though?

In short, a Series LLC allows for the formation of multiple sub-LLCs within the structure of a single LLC. In other words, each series of sub-LLCs can be formed under one umbrella LLC, but they are each treated as an individual LLC. The benefit of this is found primarily in the reduction of cost. The Texas Secretary of State charges a $300 filing fee to form a traditional LLC, corporation or Series LLC. However, the Texas SOS does not charge for each new series (which are essentially new LLCs). This means that essentially, the benefit of multiple, separate LLCs is available for the just the initial cost of the formation of a Series LLC.

Additionally, this means that as long as they are operated properly, debts, liabilities, obligations and expenses incurred under a sub-LLC (“series”) are not enforceable against the assets of the Series LLC and vice versa. This new authorization provides insulation of the assets of one series from the liabilities and obligations of the Series LLC.

Finally, each sub-LLC, known as a “series”, maintains the ability to own assets, borrow money, incorporate different ownership/management structures, operate with different business purposes and handle its own legal issues. In short, each series acts and functions as a unique business entity with all the rights and legal protections of a traditional LLC, but for a lower initial cost.

Contact us to find out if a Series LLC is the right choice for you and your business.

Dallas Ranks Among Best Cities for Tech Jobs

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A recent report listed the Dallas/Fort Worth market among the best in the country for tech workers and tech jobs. The report, called the 2016 Scoring Tech Talent Report, was put together by CBRE, a giant firm in real estate information research.

As members of both the Dallas Regional Chamber and Dallas Innovates, this fascinating study piqued the interest of Janik Vinnakota LLP.

According to their report, D/FW only trailed San Francisco, Washington DC, Seattle, New York, and Austin, respectively, for being a friendly and encouraging environment to tech companies and tech startups. The overall score the Dallas market received was 59.95. By comparison, San Francisco led all markets by scoring a 84.62.

CBRE made use of several metrics to determine the score of each market. These metrics included factors such as median wage, costs of living, education levels, population trends, and tech worker volume. Please visit the link below to learn more about the scoring system, Dallas companies, and the most tech-friendly markets in the United States:

CBRE Study: Where does DFW Rank for Tech Jobs?

Business Start-Up Attorneys

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Starting a new business? If so, you may have felt overwhelmed with questions like these. What’s the most strategic next move? Who can I trust? How do we attract the right type of investors? How do I protect my fledgling business, my trade secrets, and my intellectual property?

Call the experienced start-up attorneys at Janik Vinnakota LLP for comprehensive legal services and vigorous protection of your new business.

Texas Intellectual Property Litigation Duo Opens 21st Century Law Firm

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Glenn Janik and Kumar Vinnakota Announce Opening of New Firm Focused on Litigation, Intellectual Property, and Business Law

DALLAS – Texas Super Lawyers Glenn Janik and Kumar Vinnakota have opened their new litigation, intellectual property, and business law firm: Janik Vinnakota LLP. The Texas-based law firm, with offices in Dallas and Houston, is designed to deliver 21st century legal solutions to businesses, entrepreneurs, inventors, research universities, and investors all around the world. The firm offers the benefits of a litigation boutique, intellectual property specialty shop, and business transaction firm—all under a single roof. Janik Vinnakota also specializes in alternative fee arrangements that are in high-demand by today’s most nimble and cost-conscious legal consumers.

“Clients need more than just ‘hired gun’ trial lawyers; they need lawyers who can look at all aspects of their business and offer more than just litigation services.” Glenn Janik, Partner – Janik Vinnakota LLP

Janik, recognized as a Texas Super Lawyer – Rising Star from 2008 to 2015, said, “Kumar and I were raised as trial lawyers by some of the best attorneys in Texas. So, naturally, we wanted to open a true litigation boutique that focuses on efficiently and effectively winning cases for our clients in the courtroom. But, we also recognized that in today’s economy, clients need more than just ‘hired gun’ trial lawyers; they need lawyers who can look at all aspects of their businesses and offer more than just litigation services.” To add this extra level of service, Janik Vinnakota assists its clients in properly structuring their business entities, managing their intellectual property portfolios and licenses, and determining the best legal practices their clients can implement to help avoid litigation in the first place. Janik added, “We call this all-in-one service ‘Legal Risk Management.’ We are teaching our clients preventative steps they can take to avoid future legal pitfalls.”

Vinnakota, a Texas Super Lawyer – Rising Star from 2009 to 2015 and a 2015 Super Lawyer, added: “As IP litigators, we are essentially the sophisticated surgeons of the legal profession. After numerous cases and protracted battles, it only made sense we step back and offer some ‘preventative medicine’ to our clients before going straight under the knife.” The Legal Risk Management services Janik Vinnakota provides are available to a host of industries and markets. Vinnakota further added: “Like Glenn, my heart is in being a trial lawyer, whether in Federal or State court or inter partes proceedings in the USPTO; but, to foster good stewardship of client trust, we need to be more than just their trial lawyer—we also should be their ‘go-to’ lawyer on any business legal issue.”

Additionally, Janik Vinnakota has opened a Houston Office with Of Counsel Brad Wyly providing additional litigation services related to catastrophic injuries and Fair Labor Standards Act (“FLSA”) claims. Mr. Wyly was named a Texas Super Lawyer in 2015 as well as one of Houstonia magazines “Top Lawyers” in Houston from 2013 to 2015. Janik Vinnakota’s Houston Office will also provide services to Houston’s diverse energy and oil & gas market. Vinnakota said, “As a former chemical process engineer who worked in and understands Houston, it only made sense to have a closer presence to our Houston clients by opening this office. We are excited having Brad on board to expand our services.”

Janik, Vinnakota, and Wyly have also been recognized by the website AVVO.com as 10.0 Lawyers—the highest score from the independent legal rating site.