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Ogden Trial Attorneys Law Blog

Shutting down your business? Here is what you should know.

Owning and operating a small business takes years of dedication and hard work. Entrepreneurs know that success never comes easy, and after everything you've put into your business, it's important to think about what is next. For you, that may mean dissolving your Utah business. 

If you decide at some point that you would like to shut down operations instead of selling or passing it along to a family member, there are certain steps you have to take. There are both legal and financial considerations for you, and it can be beneficial for you to familiarize yourself with this process before you are ready to proceed. Preparation and knowing what to expect can help you avoid complications and setbacks.

End-of-year review of your estate plan

If you are like many, you take advantage of the new year by organizing certain areas of your life. Perhaps you make resolutions, alter your diet or purge your closets as a gesture of making a fresh start. One important item that can use your attention as the year comes to an end is your estate plan.

As you reflect on the past year, you may remember some important events. Did you or one of your children get married? Did you go through a divorce or lose someone you love? Did your family welcome children or grandchildren? Did you suffer a financial loss or enjoy a substantial increase in wealth? These and many other events are good reasons to take a fresh look at your estate plan.

Protect your business before you get married

You may feel as if things are finally going right for you. You just started a business and got engaged to the love of your life. Things couldn't be going any better, but that hasn't stopped you from wondering whether you should take steps to protect yourself and your business in the event of a divorce.

At first, you may dismiss the notion that you could need a prenuptial agreement since you aren't even sure whether this business venture will turn into anything. You don't see the use right now because it isn't like your business is successful and you are bringing in a lot of money. Right? Wrong.

The most boring, but critical, business formation decision

More than likely, there are any number of things you would rather be doing while you get ready to open your new company than deciding what type of business entity you should form. This probably represents one of the more boring decisions you must make during the formation process.

However, it could also stand as one of the most critical. The entity type you choose will dictate how much personal liability you have to the company and determine how the IRS views your business for taxation purposes. The type of entity will also determine how much paperwork you will need to handle, dictate how much structure you require and reflect your long-term goals.

How can a clawback provision protect my business?

If you have been in business a while, chances are you have learned many things from making mistakes. While this is not the ideal way to learn, those lessons you gain through mistakes often come with a determination to avoid that kind of trouble from now on. One difficult lesson many business owners learn is paying an executive a large bonus only to have the employee bring failure or scandal to the company.

The employment contract is a tool you may use to protect yourself from contingencies such as a departing employee taking trade secrets or an employee seeking work with your competitor. However, by including a clawback in your employee contracts, you can provide your company with an option for dealing with scandal or poor performance from your executives.

The details of your joint custody arrangement

Child custody is often one of the most complex and difficult issues to resolve in divorce. Parents who understand the benefit of allowing the children to maintain strong relationships with both parents after divorce may choose to draft a joint custody plan. This will allow the kids to have regular contact with both biological parents.

Joint custody is beneficial for many Utah families, but it is prudent for you to understand what this means for your kids and your parental rights before you move forward with this decision. As with all choices that could impact you and your children, it is helpful to weigh all options. Custody decisions are hard, but you do not have to make them on your own.

To test or not to test? Understanding Utah's DUI Testing Laws

Perhaps you were on your way home after stopping off to have a drink with friends after work. You headed home knowing that you didn't have nearly enough to drink in order to face accusations of drunk driving. Then, an officer pulled you over for some alleged traffic violation and approached the vehicle.

The officer claims he can smell that drink you had on your breath and asks you to exit the vehicle. In addition to asking you other questions, the officer requests that you participate in field sobriety tests. The next few minutes could have a profound effect on your future.

Even if you feel you should not have been stopped, it is imperative that you be polite. When talking with the officer, remember to be calm and courteous. You don't want to give the officer any further reason to suspect you of impairment.

It can be hard to know what to do under these circumstances. Before you decide, it is important to understand your options and the consequences for your choices.

Criminal convictions carry harsh penalties for non-citizens

If you are in the United States under one of the many visa programs or you have obtained lawful permanent resident status, you likely have many plans for your future. Perhaps you aspire to complete your education, start your own business or find a way to assist your family in making their way to Utah. It was no easy task to achieve lawful status, and you have a right to be proud and excited about your opportunities.

However, now that you are facing criminal charges, you may see all those opportunities slipping away. As someone who is in the immigration system, your case has special complications. You also face penalties that a U.S. citizen does not face, including the risk of deportation if you are convicted.

Negotiating a commercial lease that works for your business

If you own a small business in Utah, it may become important at some point to expand your operations and find commercial space to lease. Even if you do not own a retail business with customers visiting your property, you still have to put careful consideration into your location. 

The terms of a commercial lease could have an important impact on the financial well-being of your business. It is beneficial to think carefully about the terms of your lease, ensuring you protect your current and future financial interests. Many businesses find it helpful to have qualified guidance as they attempt to negotiate a lease that works for their company.

What does the law require of landlords?

Owning rental property in Utah is a great way to earn income, but there is much more involved than simply finding people to pay rent. As a landlord, there are many things the law requires of you, and in order to avoid complications with the law, you may find it beneficial to fully understand both your rights and your obligations. 

When you do not fully understand your requirements or what you have to do, it can lead to complex and expensive disputes with your renters. It can also expose you to the risk of a civil claim. Before you begin to find occupants to live in your rental properties, you will find it beneficial to seek a complete evaluation of your case.

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