Cottonwood Heights Business & Contract Attorneys | Serving Salt Lake City
Establishing a business in Utah can be a highly-rewarding pursuit, but there is a significant amount of planning that must go into business formation. From crafting airtight contracts to purchasing stocks and assets, a wide array of factors must be carefully considered to ensure that your business is successful. For this reason, more and more entrepreneurs are seeking assistance from Utah business formation attorneys.
At John Park Law, we help business owners and entrepreneurs navigate the process of Utah business formation. Through careful planning and well-informed decision making, we guide Utah business owners through the common pitfalls that stand in the way of creating long-term success. Spend time focusing on your goals and leave the rest to us. Consider speaking with an experienced Salt Lake City business attorney today at 801-701-3330 to find out how.
Why Establish Your Business in Utah?
One of the first and most important decisions that an entrepreneur will make is where they will establish their business. This is largely because businesses are governed by a mix of state and federal laws. Laws vary greatly from state to state, meaning business owners must be strategic when selecting their company’s location.
Utah consistently ranks as a top state for commercial filing. This can be credited to the variety of benefits that Utah business entities, including corporations and limited liability companies enjoy, including:
- Greatly reduced taxes for businesses at 5% flat rate on net income
- Personal liability protection
- Streamlined incorporation process
- Minimization of risk of commercial litigation
Utah business laws and tax structures are set up to benefit business owners. Unless a pass-through entity to your personal taxes, there is a flat 5% franchise tax rate on net income. Moreover, Utah business entities are permitted to purchase, hold, sell, or transfer shares of its own stock or membership interests.
Organizing Your Business
Selecting your business’s location is only one part of the puzzle – you must also decide how to organize your company. There are several types of business formation structures that John Park Law can utilize for your company, depending on your goals:
- Limited-Liability Company
- Sole Proprietorship
- Partnership and Limited Partnership
- Series Limited-Liability Company
- Professional Entities
Selecting the proper structure will help you plan your next steps and properly execute your business plan. The type of structure that you select will determine the liability of each founder as well as the taxes that will be paid by your business. Moreover, it will establish the guidelines that you will use when making decisions moving forward.
What Other Business Services Do the Utah Business Formation Attorneys at John Park Law Provide?
Entrepreneurs commonly seek counsel to navigate the legal side of business formation, as missteps in this arena can result in major financial consequences. At John Park Law, we tailor a legal strategy to fit the needs of the individual business owner. We provide additional services regarding the following issues that arise for business owners:
- Contract formation and review: By crafting airtight contracts and compliance documents that can be upheld in court, we help businesses avoid lawsuits and protect their assets.
- Entity formation and incorporation: Selecting the proper business entity for your company is crucial. We work with businesses to choose the proper entity, be it a corporation, LLC, partnership, sole proprietorship, etc.
- Operations and management: As a business grows, it becomes important to maintain clear and concise employment operation handbooks, internal organization documents, and annual corporate records.
- Buying and selling businesses: Corporate dissolution and business succession are both legally complex processes. We work with businesses to create comprehensive estate transfer, tax, and management succession plans for buying and selling businesses.
- Asset or stock purchase: Forging strong partnership, shareholder, and membership relationships is a top priority for businesses, and we negotiate the purchase of any assets or stocks to optimize the outcomes for our clients.
By nature, business formation is a legally complicated process. One misstep can result in substantial setbacks for a company and can greatly impact the success of a venture.
Contact A Utah Business Formation Lawyer
Above all, the Utah business formation attorneys at John Park Law; a leading Salt Lake City law firm located in Cottonwood Heights, work with businesses to craft airtight, legally enforceable documents, therefore avoiding lawsuits and ensuring corporate compliance along the way.
All great businesses start with a novel idea. We help entrepreneurs focus more on that idea and less on the nitty-gritty legal issues. Call us at 801-701-3330 to speak with an experienced Utah business formation attorney today.