“Come and do yer bidness in Texas” seems to be the current thing.
Coinbase followed other companies reincorporating in Texas after the state legislature in 2023 created the first-of-its-kind specialized trial court to oversee complex business-to-business litigation. It first convened last September.
This year, the legislature passed SB 29 to create a series of corporate reforms governing certain business entities. It “enhances the predictability and efficiency of Texas entity law and governance while maintaining strong protections for entity owners and transparency,” The Center Square reported. They include codifying the business judgment rule to allow corporations to establish a minimum ownership threshold before a shareholder or group of shareholders can pursue a derivative claim, among other provisions.
The legislature also passed HB 40 to amend state law to enhance Texas Business Court operations statewide, expanding subject matter jurisdiction to include intellectual property, clarifying its supplemental jurisdiction, allowing companies to designate the court as the exclusive venue in their governing documents for dispute resolution, among other measures.
The new laws provide business decision makers “with certainty that sound business judgments made in the best interest of shareholders will not be second-guessed by courts. Absent acts of violent crime, business decisions are to be made by the elected officers and shareholders, not by unelected judges,” Abbott said when signing them into law. “It also eliminates rogue shareholders with just a handful of shares of stock in a company from being able to hold a company hostage from the ability to make sound business decisions.”
Just make sure that your employees become Texans, i.e. they have to leave all their East-Coast politics and -beliefs behind. Especially that Woke/DEI bullshit and fondness for Big Gummint, because we don’t do that here.
And they need to buy some guns as soon as they can — just to establish their bona fides, so to speak.
