Business owners like letters of intent (LOIs) because they offer a confirmation that the parties are serious about a proposed deal. Business lawyers hate them because they often contain traps for the unwary that may have disastrous consequences. Even if a letter of intent says that it is not a final and enforceable agreement, it may be enforceable for its terms, leaving a party with an obligation to move forward on terms that they never intended.
If you are using a Texas FLP or LLC to protect your assets from seizure and to deter law suits,
new case law may allow that protection to be breached. Here’s why and how it happened: