April 30th, 2010
Small businesses try to operate in as lean and efficient a manner as possible. They try to eliminate as much waste and offer as much service as they can. So why should every small business build a relationship with a good Utah attorney or Utah law firm?
Even though the business may be small, the number of legal issues a small business may have to confront is not. And as any good parent will tell you, often times an ounce of prevention is worth a pound of cure. By starting off on the right foot, from forming your business to creating HR policies, the legal counsel you receive from one of Utah’s law firms can be the difference between success and failure; between profits and loss. When a small business decides to retain the services of one of Utah’s experienced law firms, it is usually doing itself a huge favor both today and in years to come.
Starting a business in Utah isn’t the toughest legal hurdle to cross, but what kind of business you create and how you do it is a significant business decision. Whether you form an LLC, an S corp, or something else, the business formation you decide to use can have huge tax implications. An experienced Utah tax attorney can literally make the difference between turning a profit and suffering a loss come tax day.
Not only does choosing the form of your business influence your tax liabilities, but your personal liability for potential damages and debts the company may incur. A landscaping company may need very different liability protection from an accounting firm.
- How much direct interaction will your company have with the public?
- Does your company sell or operate any potentially dangerous equipment?
Better check with an attorney that understands Utah employment law, products liability law, and personal injury law.
- Is it possible you could lose your house if your business can’t pay it’s bills?
- What about investors?
- Do you need them?
- What role do you want your investors to have? Better check with an attorney that understands Utah business law.
- Do you have vendors?
- Are you going to be selling products or services?
Better check with an attorney that understands Utah contracts law. Are you going to be renting retail space or office space? Will you be buying facilities or using your home for your business? Better check with an attorney that understands Utah property rights and real estate law. What will happen to your business if you die? Who will own it? Who will run it? What will happen to your stock? Better check with an attorney that understands Utah Estate Planning.
All it takes is for one of these issues to go bad for a small Utah business owner to understand just how valuable an investment in good legal work can be, even before the business gets its first customer. Contract disputes, injured employees, tax liability, and dozens of other issues can cost unprepared businesses several times the cost of a good attorney’s services that can help reduce the companies exposure to these legal risks. Many of Utah’s law firms specialize in Utah business law and specific industries. These attorneys can provide the legal representation that will get small businesses off on the right foot, provide adequate protection, and allow the business to thrive.
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