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Estate Planning Lawyer West Jordan Utah

“Secure Your Future with Estate Planning Lawyer West Jordan Utah”

Introduction

Welcome to Estate Planning Lawyer West Jordan Utah. We are a team of experienced attorneys dedicated to helping individuals and families in the West Jordan area with their estate planning needs. Our attorneys have extensive experience in estate planning, probate, trust administration, and other related areas of law. We understand the importance of protecting your assets and providing for your loved ones. We strive to provide our clients with the highest quality legal services and advice. Our goal is to ensure that your estate plan is tailored to your individual needs and goals. We look forward to helping you with all of your estate planning needs.

Exploring the Different Types of Trusts Available in West Jordan Utah

Trusts are an important part of estate planning in West Jordan, Utah. They are a legal arrangement that allows a person to transfer assets to another person or entity for the benefit of a third party. Trusts can be used to protect assets, provide for the care of dependents, and minimize taxes. There are several different types of trusts available in West Jordan, Utah.

Revocable Living Trusts: A revocable living trust is a trust that can be changed or revoked by the grantor at any time. This type of trust is often used to avoid probate and to provide for the care of dependents. The grantor can also name a trustee to manage the trust assets.

Irrevocable Trusts: An irrevocable trust is a trust that cannot be changed or revoked by the grantor. This type of trust is often used to protect assets from creditors and to minimize taxes. The grantor cannot access the trust assets, and the trustee is responsible for managing the trust assets.

Charitable Trusts: A charitable trust is a trust that is used to benefit a charitable organization. This type of trust can be used to provide for the care of dependents, to provide for charitable causes, or to minimize taxes.

Special Needs Trusts: A special needs trust is a trust that is used to provide for the care of a disabled individual. This type of trust can be used to provide for the care of dependents, to provide for medical expenses, or to minimize taxes.

Spendthrift Trusts: A spendthrift trust is a trust that is used to protect assets from creditors. This type of trust can be used to provide for the care of dependents, to protect assets from creditors, or to minimize taxes.

By understanding the different types of trusts available in West Jordan, Utah, individuals can make informed decisions about their estate planning needs. It is important to consult with an experienced estate planning attorney to ensure that the trust is properly drafted and administered.

How to Protect Your Assets with Estate Planning in West Jordan Utah

Estate planning is an important part of protecting your assets and ensuring that your wishes are carried out after you pass away. In West Jordan, Utah, there are several steps you can take to ensure that your assets are protected and that your wishes are respected.

First, you should create a will. A will is a legal document that outlines how you want your assets to be distributed after you pass away. It can also include instructions for guardianship of any minor children, as well as any other instructions you may have. It is important to have a will in place so that your wishes are respected and your assets are distributed according to your wishes.

Second, you should consider setting up a trust. A trust is a legal entity that can be used to manage and protect your assets. It can be used to provide for your family after you pass away, or to manage assets for a minor child. A trust can also be used to protect assets from creditors or lawsuits.

Third, you should consider setting up a power of attorney. A power of attorney is a legal document that allows you to designate someone to make decisions on your behalf if you become incapacitated. This can be a spouse, family member, or trusted friend.

Finally, you should consider setting up a living will. A living will is a legal document that outlines your wishes regarding medical care if you become incapacitated. It can also include instructions for end-of-life care.

By taking these steps, you can ensure that your assets are protected and that your wishes are respected after you pass away. Estate planning is an important part of protecting your assets and ensuring that your wishes are carried out.

What to Know About Summary Probate in West Jordan UT

Summary probate is a simplified probate process available in West Jordan, UT. It is designed to provide a quicker and less expensive way to settle an estate than the traditional probate process. Summary probate is available for estates with a gross value of $100,000 or less, excluding the value of the decedent’s homestead.

In order to qualify for summary probate, the decedent must have died with a valid will in place. The will must name an executor, and the executor must be willing and able to serve. The executor must also be a resident of Utah.

Once the executor has been appointed, they must file a petition for summary probate with the court. The petition must include a copy of the will, a list of the decedent’s assets and liabilities, and a list of the heirs and beneficiaries. The executor must also provide proof of death, such as a death certificate.

Once the petition is filed, the court will review it and determine whether summary probate is appropriate. If the court approves the petition, it will issue an order granting summary probate. The executor can then proceed to settle the estate according to the terms of the will.

Summary probate is a useful tool for settling smaller estates quickly and efficiently. It can save time and money, and provide peace of mind to the executor and heirs. However, it is important to note that summary probate is not available for all estates. It is important to consult with an experienced attorney to determine if summary probate is the right option for your situation.

Exploring the Different Types of Wills Available in West Jordan Utah

When it comes to estate planning, having a will is an important part of the process. A will is a legal document that outlines how a person’s assets and property should be distributed after their death. In West Jordan, Utah, there are several different types of wills available to meet the needs of individuals and families.

The most common type of will is a simple will. This type of will is used to distribute assets and property to beneficiaries in a straightforward manner. It can also be used to name an executor, who is responsible for carrying out the wishes of the deceased. Simple wills are typically used by individuals who have a relatively small estate and do not need to make complex arrangements.

Another type of will available in West Jordan is a living will. This type of will is used to outline a person’s wishes regarding medical care and end-of-life decisions. It can also be used to appoint a healthcare proxy, who is responsible for making medical decisions on behalf of the deceased.

A trust will is another type of will available in West Jordan. This type of will is used to create a trust, which is a legal entity that holds and manages assets for the benefit of a beneficiary. Trusts can be used to manage assets for minors, provide for long-term care, or minimize taxes.

Finally, a pour-over will is a type of will that is used in conjunction with a trust. This type of will is used to transfer any assets that are not already in the trust to the trust upon the death of the testator.

When it comes to estate planning, having a will is an important part of the process. In West Jordan, Utah, there are several different types of wills available to meet the needs of individuals and families. These include simple wills, living wills, trust wills, and pour-over wills. It is important to consult with an experienced estate planning attorney to determine which type of will is best for your situation.

Understanding the Benefits of an Irrevocable Trust in West Jordan UT

An irrevocable trust is a powerful estate planning tool that can provide numerous benefits to individuals in West Jordan, UT. An irrevocable trust is a legal arrangement in which a person, known as the grantor, transfers assets to a trustee to be held and managed for the benefit of a designated beneficiary. Once the trust is established, the grantor cannot make any changes to the trust or revoke it.

Here’s how potential rate changes could affect your wealth transfer plans. Some popular estate planning strategies rely on interest rates to calculate the value of assets that are gifted or loaned to a family member or a trust.

When rates are relatively low, interfamily loans and GRATs are often more effective.

High-interest-rate environment

Estate planning in a high-interest-rate environment entails reducing the actuarial value of a future gift that would otherwise be taxable. The higher the prevailing rate, the more beneficial these strategies will be. Qualified Personal Residence Trusts (QPRT) and Charitable Remainder Trusts (CRT) are two common techniques that we’ll consider in turn.

As rates continue to rise, families may want to consider techniques like qualified personal residence trusts and charitable remainder trusts that are more effective in higher-interest rate environments.

The Federal Reserve has raised interest rates 5 times in 2022, with the potential for more increases on the horizon. For individuals and families interested in passing assets to the next generation, these moves could affect the tax efficiency of certain popular wealth transfer strategies, explains Michael Christy, vice president, advanced planning at Fidelity—in some cases for the better and in some for the worse.

Because it seems possible that rates will continue to rise, it’s worthwhile to consider how different estate planning strategies may be affected, now and going forward. Since these techniques are complex, you’ll want to discuss with your tax attorney and financial professional which may be best suited for your family’s situation.

Intrafamily loan

How it works: An intrafamily loan is a private loan between family members. The loans can be used to help children purchase a new home, for example, at potentially more favorable interest rates than are commercially available. This strategy can also be leveraged as a wealth transfer technique. That’s because any appreciation on the loaned funds that exceeds the interest rate charged isn’t included in the lender’s estate. “For estate tax purposes, the value of the asset being loaned is frozen and the appreciation passes to the beneficiary free of estate and gift tax.”

Why interest rates matter: To avoid an intrafamily loan being treated as a gift, the IRS requires, among other formalities, that a minimum amount of interest be charged. Accordingly, the IRS sets the minimum interest rates for intrafamily loans, generally at a rate well below what borrowers would find at a commercial lender. Known as the Applicable Federal Rate (AFR), it is based on the prior 30-day average market yields of corresponding US treasury obligations, such as T-bills. You can find current rates on the IRS website. In September 2022, the minimum interest rate that must be charged for loans that will last between 3 and 9 years was 2.93%. During the term of the loan, any income and growth the borrower receives on the loan assets above the AFR rate isn’t considered as part of the lender’s estate.
“As interest rates increase, AFRs will increase as well, which means that this technique could become less effective.”

Although interest rates had been sitting at historically low levels since 2010, they have begun to rise as inflation moves higher. Each month, the Internal Revenue Service publishes two important rates that impact certain estate planning techniques: the Applicable Federal Rates (AFR) and the Section 7520 rate. The AFR reflects the minimum interest rate to be charged for loans between related parties in order to avoid a gift tax. The Section 7520 rate is used to calculate annual payments that must be made to the beneficial parties when utilizing various techniques for financial products like annuities. These rates are calculated based on the yields of government debt instruments and the target federal funds rate.

Grantor retained annuity trust (GRAT)

How it works: A grantor places certain assets—generally those with the potential to highly appreciate, such as shares of a business—in a trust. In return, the grantor receives a stream of payments (in the form of an annual distribution) for the trust’s duration (the “retained annuity”). If structured properly, assets that remain in the trust at the end of the trust term can pass on to heirs, potentially free of any gift tax.

Why interest rates matter: The amount of interest required to be returned to the grantor is calculated using what’s known as the §7520 rate or hurdle rate, which is 120% of the midterm AFR. Any appreciation of the assets in the GRAT in excess of the hurdle rate passes to the beneficiaries outside the grantor’s taxable estate. “The §7520 is fixed for the duration of the GRAT, so this strategy is more likely to be successful when rates are relatively low.”

Intentionally defective grantor trust (IDGT)

How it works: This somewhat oddly named strategy is similar to a GRAT, except that the grantor generally makes an initial lump sum gift to the trust, and then can subsequently sell or loan additional assets to the trust. The transfer of assets to an IDGT is irrevocable and for estate tax purposes are treated as no longer part of the grantor’s estate. However, the trust is structured so that the grantor is still taxed on the trust’s income. The result is a trust that is intentionally “defective” for income tax purposes, (hence the “defective” part of the name) to enable trust assets to appreciate without the liability of income taxes.

Why interest rates matter: When assets are lent to an IDGT, it works similarly to an intrafamily loan, except instead of loaning assets to an individual, the grantor makes the loan to the trust. In return, the grantor receives an interest-bearing promissory note, payable by the trust.

If assets are sold to the IDGT by the grantor, it is structured as an installment sale with the grantor taking back an interest-bearing promissory note, also payable by the trust. In both cases, the rate on the note is determined by the AFR. “The lower the AFR, the more likely it is that the assets placed in the IDGT will appreciate in value at a faster pace than the AFR rate.”

Charitable lead annuity trust

How it works: For families who might want to provide financial support to a charity, a charitable lead annuity trust (CLAT), allows a grantor to direct a stream of payments generated from trust assets to one or more charities. When the grantor dies or a certain fixed term of years is reached, the assets in the trust are distributed to non-charitable beneficiaries—such as family members. A CLAT is often set up for a certain number of years, and, depending on the type of CLAT, the grantor may be eligible to take an immediate tax deduction when the trust is funded.

Why interest rates matter: At the time the assets are transferred to the CLAT, the present value of the remainder to the family is a taxable gift, thereby using a portion of the grantors’ lifetime estate and gift tax exemption. Like with a GRAT, the IRS §7520 rate is used to determine the value of the gift—so the lower §7520 rate, the lower the value of the gift, and the less lifetime estate and gift tax exemption is consumed.

If rates continue to rise

There are certain strategies that tend to be more effective in a higher interest rate environment.

Qualified personal residence trust (QPRT): This strategy allows a homeowner to remove the home from their estate by transferring ownership to a trust, while retaining the right to live in the property. When the term of the trust ends, the home is passed to the beneficiary. The transfer of the home to the QPRT is treated as a gift, but the value of the gift is reduced by the value of the grantor’s retained rights at the time the gift transfer was made. The higher the interest rate, the lower the value of that gift and the less estate and gift tax is consumed when funding the QPRT. This is also considered a freeze technique because the QPRT freezes the value of the home for estate tax purposes.

Charitable remainder annuity trust (CRAT): Essentially the inverse of a CLAT, a CRAT allows the grantor to provide a regular income stream to non-charitable beneficiaries for the term of the trust, with the remaining trust assets left to charitable beneficiaries. When the assets are gifted to the CRAT, the grantor will receive a potential income tax deduction based on the remainder value that is being left to charity. The §7520 rate is used to calculate the value of the remainder to charity, so the higher the §7520 rate, the higher the potential income tax deduction. As a result, a CRAT becomes a potentially more attractive philanthropic vehicle as interest rates rise.

Estate and tax planning can be complicated, and careful consideration needs to be given to the implications of any arrangement. If you think any of these strategies might be appropriate for you, contact your attorney and tax professional to discuss how they may fit within your overall wealth plan.

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One of the primary benefits of an irrevocable trust is that it can help protect assets from creditors and lawsuits. Since the grantor no longer owns the assets, they are not subject to the claims of creditors or judgments against the grantor. This can be especially beneficial for individuals who are concerned about protecting their assets from potential creditors or lawsuits.

Another benefit of an irrevocable trust is that it can help reduce estate taxes. Since the assets are no longer owned by the grantor, they are not included in the grantor’s estate for tax purposes. This can help reduce the amount of estate taxes that must be paid.

In addition, an irrevocable trust can help ensure that assets are distributed according to the grantor’s wishes. The trustee is responsible for managing the trust assets and distributing them according to the terms of the trust. This can help ensure that the grantor’s wishes are carried out after their death.

Finally, an irrevocable trust can help avoid probate. Since the assets are no longer owned by the grantor, they do not need to go through the probate process. This can help save time and money, as well as ensure that the assets are distributed according to the grantor’s wishes.

Overall, an irrevocable trust can provide numerous benefits to individuals in West Jordan, UT. It can help protect assets from creditors and lawsuits, reduce estate taxes, ensure that assets are distributed according to the grantor’s wishes, and avoid probate. For these reasons, an irrevocable trust can be an invaluable estate planning tool.

How to Choose the Right Estate Planning Lawyer in West Jordan

When it comes to estate planning, it is important to choose the right lawyer to ensure that your wishes are carried out. An experienced estate planning lawyer in West Jordan can help you create a comprehensive plan that meets your needs and protects your assets. Here are some tips to help you choose the right estate planning lawyer in West Jordan:

1. Research: Before you hire an estate planning lawyer, it is important to do your research. Look for lawyers who specialize in estate planning and have experience in the area. Check their credentials and read reviews from past clients to get an idea of their level of expertise.

2. Ask Questions: Once you have narrowed down your list of potential lawyers, it is important to ask questions. Ask about their experience, fees, and the services they offer. Make sure you understand the process and the timeline for completing your estate plan.

3. Meet in Person: Once you have chosen a few potential lawyers, it is important to meet with them in person. This will give you an opportunity to get to know them and ask any additional questions you may have. It is also a good idea to bring a list of questions to the meeting so you can make sure all of your concerns are addressed.

4. Get References: Ask the lawyer for references from past clients. This will give you an idea of how they handle estate planning cases and how satisfied their clients are with their services.

By following these tips, you can ensure that you choose the right estate planning lawyer in West Jordan. With the right lawyer, you can create a comprehensive estate plan that meets your needs and protects your assets.

What to Expect During an Initial Consultation with an Estate Planning Lawyer in West Jordan UT

An initial consultation with an estate planning lawyer in West Jordan, UT is an important step in ensuring that your estate is properly managed and distributed according to your wishes. During the consultation, the lawyer will ask you questions about your assets, debts, family members, and other important information. The lawyer will also explain the various estate planning options available to you and help you decide which option is best for your situation.

At the beginning of the consultation, the lawyer will ask you to provide information about your assets, debts, and family members. This includes information about any real estate, investments, bank accounts, and other assets you may have. You should also provide information about any debts you may have, such as mortgages, car loans, or credit card debt. Additionally, you should provide information about any family members who may be involved in your estate, such as children, grandchildren, or other relatives.

The lawyer will then explain the various estate planning options available to you. This includes wills, trusts, and other legal documents that can help you manage and distribute your assets according to your wishes. The lawyer will also explain the tax implications of each option and help you decide which option is best for your situation.

Finally, the lawyer will discuss any other questions or concerns you may have about estate planning. This includes questions about how to protect your assets from creditors, how to ensure that your wishes are followed after your death, and how to make sure that your estate is distributed according to your wishes.

An initial consultation with an estate planning lawyer in West Jordan, UT is an important step in ensuring that your estate is properly managed and distributed according to your wishes. During the consultation, the lawyer will ask you questions about your assets, debts, family members, and other important information. The lawyer will also explain the various estate planning options available to you and help you decide which option is best for your situation.

Why You Need to Hire an Attorney for Estate Planning

Estate planning is an important process that helps individuals and families protect their assets and plan for the future. It involves making decisions about how to manage and distribute assets, such as property, investments, and other financial resources. Estate planning also involves making decisions about who will manage your affairs if you become incapacitated or pass away.

Hiring an attorney to help with estate planning is essential for ensuring that your wishes are carried out and that your assets are distributed according to your wishes. An experienced attorney can provide valuable advice and guidance on the best way to structure your estate plan. They can also help you understand the legal implications of your decisions and ensure that your estate plan is legally sound.

An attorney can help you create a will, trust, or other legal document that outlines your wishes for the distribution of your assets. They can also help you create a power of attorney document that allows you to designate someone to manage your affairs if you become incapacitated. An attorney can also help you create a living will, which outlines your wishes for medical care if you become unable to make decisions for yourself.

An attorney can also help you understand the tax implications of your estate plan. They can help you structure your estate plan in a way that minimizes taxes and ensures that your assets are distributed according to your wishes. An attorney can also help you understand the probate process and ensure that your estate is handled according to the law.

Finally, an attorney can provide valuable advice and guidance on how to protect your assets from creditors and other potential claims. They can help you create a plan that ensures that your assets are protected and that your wishes are carried out.

Hiring an attorney for estate planning is essential for ensuring that your wishes are carried out and that your assets are distributed according to your wishes. An experienced attorney can provide valuable advice and guidance on the best way to structure your estate plan and ensure that it is legally sound. They can also help you understand the tax implications of your estate plan and protect your assets from creditors and other potential claims.

Q&A

1. What services does an estate planning lawyer in West Jordan, Utah provide?

An estate planning lawyer in West Jordan, Utah can provide a variety of services, including drafting wills, trusts, and other estate planning documents; advising clients on tax planning strategies; and helping clients navigate the probate process. They can also provide guidance on asset protection, elder law, and other related matters.

2. What should I look for when choosing an estate planning lawyer in West Jordan, Utah?

When choosing an estate planning lawyer in West Jordan, Utah, it is important to consider their experience and qualifications. You should also look for a lawyer who is knowledgeable about the laws in your state and who is willing to take the time to understand your individual needs and goals.

3. How much does an estate planning lawyer in West Jordan, Utah typically charge?

The cost of an estate planning lawyer in West Jordan, Utah will vary depending on the complexity of the case and the services provided. Generally, lawyers charge an hourly rate or a flat fee for their services.

4. What documents should I bring to my initial consultation with an estate planning lawyer in West Jordan, Utah?

When meeting with an estate planning lawyer in West Jordan, Utah, it is important to bring any relevant documents, such as a copy of your will, trust documents, and any other estate planning documents. You should also bring a list of questions and any other information that you think may be relevant to your case.

5. What is the difference between a will and a trust?

A will is a legal document that outlines how a person’s assets should be distributed upon their death. A trust is a legal entity that is created to manage and distribute assets according to the wishes of the person who created it.

6. What is probate?

Probate is the legal process of administering a deceased person’s estate. This includes collecting and distributing assets, paying debts, and resolving any disputes that may arise.

7. What is a power of attorney?

A power of attorney is a legal document that allows a person to appoint another person to act on their behalf in certain matters. This can include making financial decisions, managing property, and making medical decisions.

8. What is a living will?

A living will is a legal document that outlines a person’s wishes regarding medical care in the event that they become incapacitated. It can also be used to appoint someone to make medical decisions on their behalf.

Estate Planning Lawyer West Jordan Utah Consultation

When you need help from a Estate Planning Lawyer near West Jordan Utah call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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Estate Planning Lawyer West Jordan Utah

West Jordan, Utah

About West Jordan, Utah

West Jordan is a city in Salt Lake County, Utah, United States. It is a suburb of Salt Lake City and has a mixed economy. According to the 2020 Census, the city had a population of 116,961, placing it as the third most populous in the state. The city occupies the southwest end of the Salt Lake Valley at an elevation of 4,330 feet (1,320 m). Named after the nearby Jordan River, the limits of the city begin on the river's western bank and end in the eastern foothills of the Oquirrh Mountains, where Kennecott Copper Mine, the world's largest man-made excavation, is located.

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Business Contract Lawyer Riverton UT

Business Contract Lawyer Riverton UT

Business Contract Lawyer Riverton UT

“Secure Your Business with a Professional Business Contract Lawyer in Riverton UT!”

Introduction

Welcome to Business Contract Lawyer Riverton UT! We are a full-service law firm dedicated to providing comprehensive legal services to businesses in the Riverton area. Our experienced attorneys specialize in business contract law, providing legal advice and representation to businesses of all sizes. We understand the complexities of business contracts and strive to ensure that our clients’ interests are protected. Our attorneys are knowledgeable in all aspects of contract law, including drafting, negotiating, and enforcing contracts. We are committed to providing our clients with the highest quality legal services and strive to ensure that their business contracts are legally sound and enforceable. We look forward to helping you with all of your business contract needs.

The Benefits of Working with a Business Contract Lawyer in Riverton UT

Working with a business contract lawyer in Riverton UT can be a great asset for any business. A business contract lawyer can help protect a business’s interests and ensure that all parties involved in a contract are held to the terms of the agreement. Here are some of the benefits of working with a business contract lawyer in Riverton UT.

1. Expertise: A business contract lawyer in Riverton UT has the expertise and experience to ensure that all parties involved in a contract are held to the terms of the agreement. They can review contracts and provide advice on how to best protect a business’s interests.

2. Negotiation: A business contract lawyer in Riverton UT can help negotiate the terms of a contract to ensure that all parties involved are satisfied with the outcome. They can also help resolve any disputes that may arise during the negotiation process.

3. Compliance: A business contract lawyer in Riverton UT can help ensure that a business is in compliance with all applicable laws and regulations. This can help protect a business from potential legal issues down the line.

4. Cost Savings: Working with a business contract lawyer in Riverton UT can help save a business money in the long run. A lawyer can help ensure that a business is not overpaying for services or entering into contracts that are not in its best interests.

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Working with a business contract lawyer in Riverton UT can be a great asset for any business. A lawyer can help protect a business’s interests and ensure that all parties involved in a contract are held to the terms of the agreement. They can also help negotiate the terms of a contract, ensure compliance with applicable laws and regulations, and help save a business money in the long run.

Understanding the Different Types of Business Contracts and How a Lawyer Can Help

Business contracts are legally binding documents that outline the terms and conditions of a business relationship. They are used to protect the interests of all parties involved and to ensure that all parties understand their rights and obligations. Contracts can be used for a variety of business purposes, including sales, leases, employment, and services.

When entering into a business contract, it is important to understand the different types of contracts and how they can be used. The most common types of business contracts include:

1. Sales Contracts: Sales contracts are used to define the terms of a sale between two parties. They outline the price, payment terms, delivery terms, and any warranties or guarantees associated with the sale.

2. Lease Contracts: Lease contracts are used to define the terms of a lease between two parties. They outline the rental amount, payment terms, length of the lease, and any other terms associated with the lease.

3. Employment Contracts: Employment contracts are used to define the terms of an employment relationship between two parties. They outline the job duties, salary, benefits, and any other terms associated with the employment relationship.

4. Service Contracts: Service contracts are used to define the terms of a service agreement between two parties. They outline the services to be provided, payment terms, and any other terms associated with the service agreement.

Having a lawyer review a business contract is important to ensure that all parties understand their rights and obligations. A lawyer can help to ensure that the contract is legally binding and enforceable. They can also help to identify any potential issues or risks associated with the contract.

In conclusion, understanding the different types of business contracts and how a lawyer can help is essential for any business. Contracts are legally binding documents that outline the terms and conditions of a business relationship. They can be used for a variety of business purposes, including sales, leases, employment, and services. Having a lawyer review a business contract is important to ensure that all parties understand their rights and obligations and to identify any potential issues or risks associated with the contract.

What to Look for When Hiring a Business Contract Lawyer in Riverton UT

When hiring a business contract lawyer in Riverton UT, it is important to look for a lawyer who is experienced in the area of business contract law. The lawyer should have a thorough understanding of the laws and regulations that govern business contracts in the state of Utah. Additionally, the lawyer should have a good reputation for providing quality legal services.

When interviewing potential lawyers, it is important to ask questions about their experience in business contract law. Ask about the types of cases they have handled in the past and the results they have achieved. It is also important to inquire about the lawyer’s fees and payment terms.

It is also important to ask the lawyer about their communication style. A good lawyer should be able to explain complex legal concepts in a way that is easy to understand. Additionally, the lawyer should be willing to answer any questions that you may have.

Finally, it is important to make sure that the lawyer is licensed to practice law in the state of Utah. This will ensure that the lawyer is knowledgeable about the laws and regulations that govern business contracts in the state. Additionally, it will ensure that the lawyer is up to date on any changes to the law that may affect your business.

How to Draft a Business Contract and What to Include

Drafting a business contract is an important step in any business relationship. A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of the relationship. It is important to ensure that all parties involved understand the terms of the contract and that the contract is legally enforceable.

When drafting a business contract, it is important to include the following elements:

1. Parties Involved: The contract should clearly identify the parties involved in the agreement. This includes the names and contact information of all parties, as well as any other relevant information such as business addresses and registration numbers.

2. Purpose of the Contract: The contract should clearly state the purpose of the agreement. This should include a description of the services or goods to be provided, as well as any other relevant information.

3. Terms and Conditions: The contract should include a detailed description of the terms and conditions of the agreement. This should include any payment terms, delivery dates, warranties, and any other relevant information.

4. Dispute Resolution: The contract should include a clause outlining how disputes will be resolved. This should include a description of the process for resolving disputes, as well as any applicable laws or regulations.

5. Signatures: The contract should be signed by all parties involved in the agreement. This should include the date of signing and the names of all parties involved.

By including these elements in a business contract, all parties involved can be assured that the agreement is legally binding and enforceable. It is important to ensure that all parties understand the terms of the contract and that the contract is drafted in accordance with applicable laws and regulations.

Common Mistakes to Avoid When Negotiating a Business Contract in Riverton UT

1. Not Doing Your Research: Before entering into a business contract, it is important to do your research. Make sure you understand the terms of the contract and the implications of signing it. Research the other party involved and their reputation.

2. Not Having a Written Contract: A verbal agreement is not legally binding and can be difficult to enforce. Make sure that all agreements are in writing and signed by both parties.

3. Not Understanding the Terms: Make sure you understand all of the terms of the contract before signing. If there is something you don’t understand, ask questions and get clarification.

4. Not Negotiating: Don’t be afraid to negotiate the terms of the contract. You may be able to get a better deal if you are willing to negotiate.

5. Not Getting Legal Advice: It is always a good idea to get legal advice before signing a business contract. A lawyer can help you understand the terms of the contract and make sure that your interests are protected.

6. Not Considering the Long-Term Implications: Think about the long-term implications of the contract before signing. Make sure that the contract is in your best interests and that it will not have a negative impact on your business in the future.

Q&A

1. What services does a business contract lawyer in Riverton UT provide?

A business contract lawyer in Riverton UT can provide a variety of services, including drafting, reviewing, and negotiating contracts, advising on contract disputes, and providing legal advice on business transactions.

2. What types of contracts do business contract lawyers typically handle?

Business contract lawyers typically handle a variety of contracts, including employment contracts, purchase and sale agreements, leases, and other business agreements.

3. What qualifications should I look for in a business contract lawyer?

When looking for a business contract lawyer, you should look for someone who is experienced in the area of business law and has a strong understanding of contract law. You should also look for someone who is knowledgeable about the specific industry in which you are operating.

4. How much does it cost to hire a business contract lawyer?

The cost of hiring a business contract lawyer will vary depending on the complexity of the contract and the lawyer’s experience. Generally, you can expect to pay an hourly rate for the lawyer’s services.

5. What should I do if I have a dispute over a business contract?

If you have a dispute over a business contract, you should contact a business contract lawyer to discuss your options. Depending on the situation, the lawyer may be able to help you negotiate a resolution or advise you on the best course of action.

Probate Law Consultation

When you need legal help with probate law call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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Riverton, Utah

About Riverton, Utah

Riverton is a city in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 45,285 as of the 2020 census. Riverton is located in the rapidly growing southwestern corner of the Salt Lake Valley.

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Business Lawyer West Jordan Utah

Business Lawyer West Jordan Utah

Business Lawyer West Jordan Utah

The Benefits of Hiring a Business Lawyer in West Jordan, Utah

Hiring a business lawyer in West Jordan, Utah can be a great asset to any business. A business lawyer can provide invaluable advice and guidance on a variety of legal matters, from contract negotiations to dispute resolution. Here are some of the benefits of hiring a business lawyer in West Jordan, Utah:

1. Expertise: Business lawyers in West Jordan, Utah have a deep understanding of the laws and regulations that govern businesses in the state. They can provide advice on how to comply with the law and protect your business from potential legal issues.

2. Negotiation: Business lawyers in West Jordan, Utah are experienced negotiators. They can help you negotiate contracts, leases, and other agreements with vendors, customers, and other parties.

3. Dispute Resolution: Business lawyers in West Jordan, Utah can help you resolve disputes with customers, vendors, and other parties. They can provide advice on how to handle the situation and represent you in court if necessary.

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4. Tax Advice: Business lawyers in West Jordan, Utah can provide advice on how to minimize your tax liability and maximize your profits. They can also help you understand the tax implications of certain business decisions.

5. Business Formation: Business lawyers in West Jordan, Utah can help you form a business entity, such as a corporation or limited liability company. They can also provide advice on how to structure the business to maximize its potential.

Hiring a business lawyer in West Jordan, Utah can be a great asset to any business. A business lawyer can provide invaluable advice and guidance on a variety of legal matters, from contract negotiations to dispute resolution. With their expertise and experience, business lawyers in West Jordan, Utah can help you protect your business and maximize its potential.

Understanding the Different Types of Business Law in West Jordan, Utah

Business law in West Jordan, Utah is a complex and ever-evolving field of law. It encompasses a wide range of legal topics, including contracts, torts, business organizations, and intellectual property. Understanding the different types of business law is essential for any business operating in West Jordan, Utah.

Contract Law: Contract law is the foundation of business law in West Jordan, Utah. It governs the formation, performance, and enforcement of contracts between two or more parties. Contract law is essential for businesses to protect their interests and ensure that their agreements are legally binding.

Tort Law: Tort law is a branch of civil law that deals with wrongs committed against individuals or businesses. It provides a legal remedy for those who have suffered harm due to the negligence or intentional acts of another. In West Jordan, Utah, tort law is used to protect businesses from liability for damages caused by their products or services.

Business Organizations: Business organizations are legal entities that are created to conduct business activities. In West Jordan, Utah, there are several types of business organizations, including corporations, limited liability companies, partnerships, and sole proprietorships. Each type of business organization has its own set of rules and regulations that must be followed.

Intellectual Property Law: Intellectual property law is a branch of law that deals with the protection of creative works, such as inventions, designs, and trademarks. In West Jordan, Utah, intellectual property law is used to protect businesses from the unauthorized use of their intellectual property.

These are just a few of the different types of business law in West Jordan, Utah. It is important for businesses to understand the different types of business law and how they apply to their operations. By doing so, businesses can ensure that their activities are conducted in accordance with the law and that their interests are protected.

How to Choose the Right Business Lawyer for Your Needs in West Jordan, Utah

When starting or running a business, it is important to have the right legal advice and representation. A business lawyer can help you navigate the complexities of business law and ensure that your business is compliant with all applicable laws. If you are in West Jordan, Utah, and are looking for a business lawyer, there are a few key factors to consider.

First, you should consider the lawyer’s experience and expertise. Make sure that the lawyer you choose has experience in the specific area of business law that you need help with. Ask for references and check their credentials to ensure that they are qualified to handle your case.

Second, you should consider the lawyer’s fees. Different lawyers charge different rates, so it is important to find one that fits within your budget. Ask for a fee schedule and make sure that you understand all of the costs associated with the lawyer’s services.

Third, you should consider the lawyer’s availability. Make sure that the lawyer you choose is available to meet with you when you need them. Ask about their availability and make sure that they are willing to work with your schedule.

Finally, you should consider the lawyer’s reputation. Ask around to see what other people have to say about the lawyer. Check online reviews and ask for references to get an idea of the lawyer’s reputation.

By considering these factors, you can find the right business lawyer for your needs in West Jordan, Utah. With the right lawyer, you can ensure that your business is compliant with all applicable laws and that you have the legal advice and representation you need.

Common Mistakes to Avoid When Working with a Business Lawyer in West Jordan, Utah

1. Not Being Clear About Your Goals: When working with a business lawyer, it is important to be clear about your goals and objectives. Make sure to provide your lawyer with a detailed description of your business and the legal issues you are facing. This will help your lawyer to better understand your needs and provide you with the best advice.

2. Not Being Prepared: Before meeting with your lawyer, make sure to have all the necessary documents and information ready. This includes any contracts, financial statements, and other relevant documents. Having this information ready will help your lawyer to provide you with the best advice and help you to avoid any unnecessary delays.

3. Not Understanding the Legal Process: It is important to understand the legal process and the different steps involved. Make sure to ask your lawyer questions and to understand the process before making any decisions.

4. Not Following Your Lawyer’s Advice: Your lawyer is there to provide you with the best advice and guidance. Make sure to follow their advice and to take their advice seriously. Ignoring your lawyer’s advice can lead to costly mistakes and delays.

5. Not Being Open and Honest: When working with a business lawyer, it is important to be open and honest. Make sure to provide your lawyer with all the necessary information and to be truthful about any facts or circumstances. This will help your lawyer to provide you with the best advice and help you to avoid any potential legal issues.

The Advantages of Working with a Local Business Lawyer in West Jordan, Utah

Working with a local business lawyer in West Jordan, Utah can provide a number of advantages for business owners. A local lawyer is familiar with the laws and regulations that apply to businesses in the area, and can provide valuable advice and guidance on how to best comply with them. Additionally, a local lawyer can provide personalized service and attention to the specific needs of the business.

One of the primary advantages of working with a local business lawyer is that they are familiar with the local laws and regulations that apply to businesses in the area. This can be especially beneficial for businesses that are just starting out, as they may not be aware of all the legal requirements that must be met. A local lawyer can provide advice on how to best comply with the applicable laws and regulations, and can help ensure that the business is operating in compliance with them.

Another advantage of working with a local business lawyer is that they can provide personalized service and attention to the specific needs of the business. A local lawyer can provide advice on how to structure the business, how to protect the business’s assets, and how to handle any legal issues that may arise. Additionally, a local lawyer can provide assistance with contract negotiations, dispute resolution, and other legal matters.

Finally, working with a local business lawyer can provide peace of mind. A local lawyer is familiar with the local court system and can provide guidance on how to best navigate it. Additionally, a local lawyer can provide advice on how to protect the business’s interests in the event of a dispute or lawsuit.

Overall, working with a local business lawyer in West Jordan, Utah can provide a number of advantages for business owners. A local lawyer is familiar with the laws and regulations that apply to businesses in the area, and can provide valuable advice and guidance on how to best comply with them. Additionally, a local lawyer can provide personalized service and attention to the specific needs of the business, as well as assistance with contract negotiations, dispute resolution, and other legal matters. Finally, working with a local lawyer can provide peace of mind, as they are familiar with the local court system and can provide guidance on how to best navigate it.

Business Lawyer West Jordan Utah Consultation

When you need legal help from a Business Lawyer West Jordan Utah, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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West Jordan, Utah

From Wikipedia, the free encyclopedia
 
 
West Jordan, Utah
City
City of West Jordan
West Jordan City Hall

West Jordan City Hall
Location in Salt Lake County and the state of Utah

Location in Salt Lake County and the state of Utah
Coordinates: 40°36′23″N 111°58′34″WCoordinates40°36′23″N 111°58′34″W
Country United States
State Utah
County Salt Lake
Settled 1848
Incorporated 1941
Named for Jordan River
Government

 
 • Mayor Dirk Burton [1]
Area

 • Total 32.33 sq mi (83.73 km2)
 • Land 32.33 sq mi (83.73 km2)
 • Water 0.00 sq mi (0.00 km2)
Elevation

 
4,373 ft (1,333 m)
Population

 (2020)
 • Total 116,961
 • Density 3,617.72/sq mi (1,396.88/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
ZIP codes
84081, 84084, 84088
Area code(s) 385, 801
FIPS code 49-82950[3]
GNIS feature ID 1434086[4]
Website www.westjordan.utah.gov

West Jordan is a city in Salt Lake County, Utah, United States. It is a suburb of Salt Lake City and has a mixed economy. According to the 2020 Census, the city had a population of 116,961,[5] placing it as the third most populous in the state.[6] The city occupies the southwest end of the Salt Lake Valley at an elevation of 4,330 feet (1,320 m). Named after the nearby Jordan River, the limits of the city begin on the river’s western bank and end in the eastern foothills of the Oquirrh Mountains, where Kennecott Copper Mine, the world’s largest man-made excavation, is located.

Settled in the mid-19th century, the city has developed into its own regional center. As of 2012, the city has four major retail centers; with Jordan Landing being one of the largest mixed-use planned developments in the Intermountain West.[7] Companies headquartered in West Jordan include Mountain America Credit Union, Lynco Sales & Service, SME Steel, and Cyprus Credit Union. The city has one major hospital, Jordan Valley Medical Center, and a campus of Salt Lake Community College.

City landmarks include Gardner Village, established in 1850, and South Valley Regional Airport, formerly known as “Salt Lake Airport #2”. The airport serves general aviation operations as well as a base for the 211th Aviation Regiment of the Utah Army National Guard flying Apache and Black Hawk helicopters.

West Jordan, Utah

About West Jordan, Utah

West Jordan is a city in Salt Lake County, Utah, United States. It is a suburb of Salt Lake City and has a mixed economy. According to the 2020 Census, the city had a population of 116,961, placing it as the third most populous in the state. The city occupies the southwest end of the Salt Lake Valley at an elevation of 4,330 feet (1,320 m). Named after the nearby Jordan River, the limits of the city begin on the river's western bank and end in the eastern foothills of the Oquirrh Mountains, where Kennecott Copper Mine, the world's largest man-made excavation, is located.

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Jeremy Eveland Reviews

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Utah Business Attorney Jeremy Eveland is an attorney who not only is very knowledgeable about business laws and real estate laws, but he is a hard working lawyer who cared about us and our business.  You are best advised to use him if you can!

Jeremy Eveland Reviews

Ann Janet

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Jeremy Eveland is the guy you go to when you need a project done. I had him help me with my webiste. His insights were very helpful. He knows what he's doing. I've had good luck with him and you will too.

Utah Business Law

Utah Business Law

Utah Business Law

This is a part of our Business Law series.

Utah business law is a set of statutes, regulations, and court decisions that govern business practices within the state of Utah. It encompasses the full range of legal topics including business formation, antitrust laws, unfair trade practices, business entity formation, project management, deceptive trade practices, hour laws, consumer protection, vertical price fixing, actual damages, and more. It is important for businesses of all sizes to understand Utah business law and how it applies to them in order to remain compliant and protect their interests. We’ve previously discussed business succession law and the Utah Uniform Partnership Act.

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Forming a business in Utah requires careful consideration of the various laws, regulations, and taxes that the business must adhere to. There are several different types of business entities that can be formed in the state, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each of these business entities carries different benefits and liabilities, and businesses should consult with a business attorney to determine which is right for their particular situation.

Antitrust Laws

The Sherman Act, the Clayton Act, and the Federal Trade Commission Act are all essential antitrust laws that businesses must comply with in Utah. These laws are designed to protect competition and prevent price-fixing and other anti-competitive practices. Businesses must ensure that they are in compliance with these laws in order to avoid costly civil and criminal penalties.

Additional Articles on Business Law

We have also posted the following articles regarding the topic of business law:

Corporate Criminal Liability

What Is A Tender In Business Law?

AI Business Consultant

Business Credit

Due Diligence

Tax Law

Commercial Law

Litigation

Unfair Trade Practices

Under Utah law, unfair trade practices are defined as any act or practice that is likely to mislead or deceive a consumer. This includes false or misleading advertising, deceptive pricing, bait and switch tactics, and any other deceptive practices. Businesses that engage in unfair trade practices can be subject to civil and criminal penalties, as well as actual damages.

Business Entity Formation

When forming a business entity in Utah, it is important to understand the different legal considerations that must be taken into account. The state of Utah requires businesses to register with the state and obtain an EIN (Employer Identification Number). Additionally, businesses must choose a business name and ensure that it is not already in use. Once the business is registered, it must adhere to all applicable state and federal laws and regulations.

Project Management

Project management is an essential component of any business in Utah. Businesses must manage their projects effectively in order to ensure that they are completed on time and within budget. Businesses should consult with a business attorney to ensure that they are in compliance with all applicable laws and regulations.

Deceptive Trade Practices

Deceptive trade practices include any act or practice that is likely to mislead or deceive a consumer. This includes false or misleading advertising, deceptive pricing, bait and switch tactics, and other deceptive practices. In Utah, businesses that engage in deceptive trade practices can be subject to civil and criminal penalties, as well as actual damages.

Hour Laws

Under Utah law, employers must comply with the state’s hour laws, which are designed to protect employees from unfair or excessive working hours. These laws include restrictions on the number of hours an employee can work in a given shift, overtime pay, and other restrictions. Employers must ensure that they are in compliance with these laws in order to avoid legal trouble.

Consumer Protection

The state of Utah has a number of laws designed to protect consumers from deceptive and unfair practices. These laws include the Utah Consumer Protection Act, the Utah Deceptive Trade Practices Act, and the Utah Unfair Sales Practices and Consumer Protection Act. These laws are designed to prevent businesses from engaging in deceptive or unfair practices, and businesses must ensure that they are in compliance in order to avoid costly penalties.

Vertical Price Fixing

Vertical price fixing is a form of antitrust violation in which a business sets a price for a product or service that is higher than what the market would normally bear. This practice is illegal in Utah, and businesses that engage in it can be subject to civil and criminal penalties.

Actual Damages

Actual damages are a form of monetary compensation that a business may be required to pay for violating a consumer’s rights. These damages can include lost wages, medical expenses, and other costs associated with the violation. Businesses must be aware of their potential liability for actual damages in order to protect themselves from costly lawsuits.

Free Consultation

Businesses in Utah can benefit from a free consultation with a business attorney. A business lawyer can provide advice and guidance on the various legal considerations that must be taken into account when forming a business, such as business formation, antitrust laws, unfair trade practices, business entity formation, project management, deceptive trade practices, hour laws, consumer protection, vertical price fixing, actual damages, and more. Additionally, a business lawyer can help businesses to understand the various legal documents they will need to file in order to remain compliant with state and federal laws.

Businesses in Utah should also consider consulting with a business attorney for any legal advice or assistance that they may need. Whether it is legal advice about forming a business, setting up an LLC, or understanding the antitrust laws that apply to their business, an experienced business attorney can provide invaluable assistance. Additionally, many business attorneys offer free initial consultations, so businesses can get an idea of what legal advice they may need without any financial obligation.

Lawyer Jeremy Eveland

Jeremy Eveland is a Utah business attorney that focuses in business formation, business law, advertising law, real estate law and estate planning and probate cases. The firm offers free consultations to businesses, as well as comprehensive services such as business entity formation, project management, antitrust laws, unfair trade practices, consumer protection, vertical price fixing, actual damages, advertising law, compliance issues, business consulting, performance coaching, and more. Jeremy Eveland has a business degree and a law degree so he is also able to provide legal services such as business formation, LLC formation, and business entity formation. Additionally, he offers services such as intellectual property protection, contract review, and dispute resolution.

Utah Pyramid Scheme Law

The Utah Pyramid Scheme law is a consumer protection law that protects consumers from deceptive and unfair trade practices. The law is designed to protect consumers from false or misleading advertising, deceptive pricing, bait and switch tactics, and other deceptive practices. Businesses must ensure that they are in compliance with this law in order to avoid legal trouble.

Minimum Wage Laws

The state of Utah has a minimum wage law that requires employers to pay employees a certain minimum wage. This law is designed to protect employees from unfair and exploitative labor practices, and businesses must comply with it in order to avoid civil and criminal penalties. Additionally, employers must ensure that they are in compliance with the Fair Labor Standards Act (FLSA) in order to avoid costly fines and penalties.

Legal Help or Tips

Businesses in Utah should take the time to understand the various laws and regulations that apply to their business. Additionally, businesses should consult with a business attorney for any legal advice or assistance that they may need. Finally, businesses should ensure that they are in compliance with all applicable laws and regulations in order to protect their interests and avoid costly penalties.

Utah Business Lawyer Free Consultation

When you need a Utah business attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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Areas We Serve

We serve businesses and business owners for succession planning in the following locations:

Business Succession Lawyer Salt Lake City Utah

Business Succession Lawyer West Jordan Utah

Business Succession Lawyer St. George Utah

Business Succession Lawyer West Valley City Utah

Business Succession Lawyer Provo Utah

Business Succession Lawyer Sandy Utah

Business Succession Lawyer Orem Utah

Business Transaction Lawyer Salt Lake City Utah

Utah

From Wikipedia, the free encyclopedia
 
 

Coordinates39°N 111°W

Utah
State of Utah
Nickname(s)

“Beehive State” (official), “The Mormon State”, “Deseret”
Motto

Industry
Anthem: “Utah…This Is the Place
Map of the United States with Utah highlighted

Map of the United States with Utah highlighted
Country United States
Before statehood Utah Territory
Admitted to the Union January 4, 1896 (45th)
Capital
(and largest city)
Salt Lake City
Largest metro and urban areas Salt Lake City
Government

 
 • Governor Spencer Cox (R)
 • Lieutenant Governor Deidre Henderson (R)
Legislature State Legislature
 • Upper house State Senate
 • Lower house House of Representatives
Judiciary Utah Supreme Court
U.S. senators Mike Lee (R)
Mitt Romney (R)
U.S. House delegation 1Blake Moore (R)
2Chris Stewart (R)
3John Curtis (R)
4Burgess Owens (R) (list)
Area

 
 • Total 84,899 sq mi (219,887 km2)
 • Land 82,144 sq mi (212,761 km2)
 • Water 2,755 sq mi (7,136 km2)  3.25%
 • Rank 13th
Dimensions

 
 • Length 350 mi (560 km)
 • Width 270 mi (435 km)
Elevation

 
6,100 ft (1,860 m)
Highest elevation

13,534 ft (4,120.3 m)
Lowest elevation

2,180 ft (664.4 m)
Population

 (2020)
 • Total 3,271,616[4]
 • Rank 30th
 • Density 36.53/sq mi (14.12/km2)
  • Rank 41st
 • Median household income

 
$60,365[5]
 • Income rank

 
11th
Demonym Utahn or Utahan[6]
Language

 
 • Official language English
Time zone UTC−07:00 (Mountain)
 • Summer (DST) UTC−06:00 (MDT)
USPS abbreviation
UT
ISO 3166 code US-UT
Traditional abbreviation Ut.
Latitude 37° N to 42° N
Longitude 109°3′ W to 114°3′ W
Website utah.gov
hideUtah state symbols
Flag of Utah.svg

Seal of Utah.svg
Living insignia
Bird California gull
Fish Bonneville cutthroat trout[7]
Flower Sego lily
Grass Indian ricegrass
Mammal Rocky Mountain Elk
Reptile Gila monster
Tree Quaking aspen
Inanimate insignia
Dance Square dance
Dinosaur Utahraptor
Firearm Browning M1911
Fossil Allosaurus
Gemstone Topaz
Mineral Copper[7]
Rock Coal[7]
Tartan Utah State Centennial Tartan
State route marker
Utah state route marker
State quarter
Utah quarter dollar coin

Released in 2007
Lists of United States state symbols

Utah (/ˈjuːtɑː/ YOO-tah/ˈjuːtɔː/ (listen) YOO-taw) is a landlocked state in the Mountain West subregion of the Western United States. It is bordered to its east by Colorado, to its northeast by Wyoming, to its north by Idaho, to its south by Arizona, and to its west by Nevada. Utah also touches a corner of New Mexico in the southeast. Of the fifty U.S. states, Utah is the 13th-largest by area; with a population over three million, it is the 30th-most-populous and 11th-least-densely populated. Urban development is mostly concentrated in two areas: the Wasatch Front in the north-central part of the state, which is home to roughly two-thirds of the population and includes the capital city, Salt Lake City; and Washington County in the southwest, with more than 180,000 residents.[8] Most of the western half of Utah lies in the Great Basin.

Utah has been inhabited for thousands of years by various indigenous groups such as the ancient Puebloans, Navajo and Ute. The Spanish were the first Europeans to arrive in the mid-16th century, though the region’s difficult geography and harsh climate made it a peripheral part of New Spain and later Mexico. Even while it was Mexican territory, many of Utah’s earliest settlers were American, particularly Mormons fleeing marginalization and persecution from the United States. Following the Mexican–American War in 1848, the region was annexed by the U.S., becoming part of the Utah Territory, which included what is now Colorado and Nevada. Disputes between the dominant Mormon community and the federal government delayed Utah’s admission as a state; only after the outlawing of polygamy was it admitted in 1896 as the 45th.

People from Utah are known as Utahns.[9] Slightly over half of all Utahns are Mormons, the vast majority of whom are members of the Church of Jesus Christ of Latter-day Saints (LDS Church), which has its world headquarters in Salt Lake City;[10] Utah is the only state where a majority of the population belongs to a single church.[11] The LDS Church greatly influences Utahn culture, politics, and daily life,[12] though since the 1990s the state has become more religiously diverse as well as secular.

Utah has a highly diversified economy, with major sectors including transportation, education, information technology and research, government services, mining, and tourism. Utah has been one of the fastest growing states since 2000,[13] with the 2020 U.S. census confirming the fastest population growth in the nation since 2010. St. George was the fastest-growing metropolitan area in the United States from 2000 to 2005.[14] Utah ranks among the overall best states in metrics such as healthcare, governance, education, and infrastructure.[15] It has the 14th-highest median average income and the least income inequality of any U.S. state. Over time and influenced by climate changedroughts in Utah have been increasing in frequency and severity,[16] putting a further strain on Utah’s water security and impacting the state’s economy.[17]

Business Succession Lawyer West Valley City Utah

Business Succession Lawyer West Valley City Utah

Business Succession Lawyer West Valley City Utah

Business Succession Lawyer West Valley City Utah

Do you need legal help with a succession plan for your business in West Valley City Utah? If you do, then you are at the right place. Attorney Jeremy Eveland helps businesses create succession plans for businesses and company owners in West Valley City UT. Call Jeremy Eveland today for your free business succession consultation at (801) 613-1472. Read this article for more information about business law.

Business succession involves transferring ownership, control, and management of a business from one generation to another. It can be accomplished through various methods such as stock transfers, wills, trusts, or other legal instruments. It is important to consult a lawyer or law firm to ensure that all necessary documents are prepared correctly. A will can outline how assets, including the option to purchase a business, should be distributed upon death. Life insurance policies and testamentary trusts can also be used for this purpose. An advanced directive, such as a living will, can provide instructions for health care decisions in case of incapacity, and personal liability protection can help protect family members from being held responsible for debts incurred by the deceased’s estate or business.

Proper business planning is essential for succession and includes creating employment contracts with key personnel who will take over management responsibilities, establishing retirement plans, purchasing appropriate insurance coverage, understanding intestacy laws (in case there is no valid will), and navigating probate proceedings if necessary. Finances must also be taken into account, including taxes on income generated by the company before its sale or transfer and any outstanding loans that need to be paid off at closing.

Succession planning requires careful consideration so that all parties involved feel secure about their future prospects within the organization when ownership changes hands, whether due to retirement, illness, disability, or death. This helps ensure continuity and financial stability during transition periods until new owners assume full responsibility for day-to-day operations.

Why Is Business Law So Important?

Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals. Every state defines its own set of regulations and laws for business organizations. Similarly, it is also the responsibility of the business concerns to know the existing rules and regulations applicable to them.

Importance of Business Law

Business law plays a vital role in regulating business practices in a country. Here are some points that prove why business law is so relevant:

Compensation Issues

Business law is essential to handle various compensation issues in an organization. A professional business attorney in Utah can help companies in settling issues related to compensation and salary management. It is the responsibility of the attorney to ensure that his or her client does not violate compensation and benefits laws at any cost. The consequences can be fatal in case of any discrepancies.

Safeguard the Rights of Shareholders

Business law plays a vital role when it comes to safeguarding the rights of a company’s shareholders. An experienced business law attorney can successfully handle such issues along with conflicts related to minority shareholders, constitutional documents, and resolution by arbitration, and more.

Business Formation

Business law plays the role of a foundation stone for any business concern. Establishing business includes a lot of legal processes, leasing, and permits. A business law attorney is well-versed with all the relevant regulations, and can help the concern establish its operations successfully.

What are the Functions of Business Law?

Every business concern, either large-scale or small-scale, is bound to comply with their respective legal regulations. Here are some significant functions of business law that can help you in understanding it better.

  • Includes laws related to business ethics, substantive law, procedural law, court system structure, and so on.
  • Business law entails the taxation system for different types of businesses.
  • The level of competition and antitrust are also involved.
  • Business law also includes regulations about employee rights and privileges, workplace safety, overtime rules, and minimum wages law.
  • It strives to alleviate the impact businesses have on the environment and nature. It aims to regulate pesticides, limit air and water pollution, chemical usage, and so on.
  • Business law determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities.
  • It also includes rights assignment, drafting, and work delegations, breach of contract, transactions, contracts, and penalties for violation of the agreement.
  • Business law defines laws related to business partnerships, entities, sole proprietorships, liability companies, and corporations.
  • It describes laws related to business and real property.
  • Business law analyses the overall impact of computer technology on other business domains.
  • Includes laws related to bankruptcy and governance of the securities.

Purposes and Functions of Business Law

The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes.3 min read

The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes when it comes to businesses and their interactions with individuals, government agencies, and other businesses.

Purposes and Functions of Law

Establishing standards identifies what types of behavior are and are not accepted in society. For example, damage to person or property is considered a crime because it is not tolerated by society.

  • Maintaining order is necessary for a civilized society.
  • Resolving disputes allows for the mitigation of issues that arise between those with different wants, needs, views, and/or values. The court system is the formal legal method for resolving disputes and consists of both state and federal courts. Disputes can also be resolved through alternative dispute resolution, which are official but less formal methods such as mediation and arbitration.
  • Protecting liberties and rights ensures each individual is allowed his or her constitutional rights, including freedom of speech and so forth.
  • In addition to these four core functions, the law serves many other specialized functions.

Business Law Background

This practice area includes regulations and statutes related to businesses, individuals, and families in their roles as workers, citizens, and consumers. As business becomes increasingly globalized, the business laws of various governments and nations may be in conflict. It’s important for business owners to understand how business law impacts commerce both domestically and abroad.

Business law standards include having expectations for following laws of other countries, distinguishing between unethical and legal behavior, and establishing social responsibility as a cornerstone of global citizenship. Most recently, new areas of business law must navigate the effects of modern technology. In fact, computer law is even a subspecialty within business law because of its importance in this realm.

Functions of Commercial Law

Commercial law, a branch of civil law, comprises governance of commercial and business transactions in both the public and private realms. Areas of commercial law include land and sea transportation, agent and principal, merchant shipping, insurance, partnership, guarantees, corporate contracts, sale and manufacture of consumer goods, hiring practices, and bills of exchange.

Commercial law has developed substantially over the years, but in general, it is designed to allow those engaged in business flexibility to administer their business within legal guidelines. Legislation in this area is designed to promote free trade.

Reforms to the commercial code focus on identifying and correcting inconsistencies and gaps in the law. Courts can also look to other legal systems to find remedies to complex legal issues. For example, recent updates focus on the impact of technology on these areas and how it affects business dealings. However, more restrictive trade practices have also been introduced in the modern era.

Business Law and Peace of Mind for Entrepreneurs

Basically, business law is a set of guidelines that all businesses should consider to guarantee that business transactions are done fairly and with knowledge of what’s going on. Business law can help business owners avoid legal disputes or mishaps that might otherwise have happened without their knowledge and which could’ve been costly to the business owner in terms of time, money, and resources.

Business laws cover a wide range of topics such as hiring employees, protecting employees’ rights, business contracts, business property rights, business taxation, and business law in general.

Business Laws Protect You from Mistakes

We all make mistakes now and then. But when it comes to business law, the consequences can be especially devastating if you don’t know what you’re doing or are negligent about looking into your options before taking a particular step that might lead to major setbacks that could be detrimental to your business.

Business laws are a crucial part of running a successful business. It is important to understand the rules and regulations that govern your industry, as well as the legal consequences you could face if you do not adhere to them.

While it is easy to pay attention only when something goes wrong, taking time out for some self-education can help you avoid many costly mistakes in the future. The most effective way to learn about business law is by reading up on it yourself. However, there are also plenty of books and online resources available that provide valuable insight into this field without requiring too much effort from your end.

Consequences of Failing to Understand Business Laws

You’ve built a business, and you’re doing well. But are you aware of the laws that could protect your business from legal issues? The problem is that many entrepreneurs don’t have time to read about all the different rules in each country they operate in. That’s why it’s crucial for every entrepreneur to stay up-to-date with local regulations and understand how these rules can affect their businesses.

As an entrepreneur, you may not realize how many laws there are that protect you and your business. Many entrepreneurs aren’t aware of the laws in place to help them run their businesses legally and avoid legal issues. While this can be a good thing because it means less worry for you, it also means that some things could go wrong without your knowledge if someone else takes advantage of the situation.

The Importance of Getting to Know Business Laws More Intimately

In business, the more you know about business law and how it protects your business from possible issues, the better off you’ll be. Your business is likely subject to a number of different rules and regulations depending on the industry you belong to and what business structure you have.

The importance of understanding business law is often overlooked by business owners, but it shouldn’t be. Know your rights and what to do if something goes wrong with a client or supplier can help reduce future problems as well as the cost that will go into resolving those issues in court.

Learning more about business laws now may also help prevent major setbacks for your business in the future. A business law attorney can be of great assistance to a business owner. They are able to help explain the different aspects of business law and how they apply to your business. The more knowledgeable you are about business law, the more successful your business is going to be.

Recent Posts

Business Succession Lawyer Salt Lake City Utah

 

West Valley City, Utah

 

From Wikipedia, the free encyclopedia
 
 
West Valley City, Utah
City of West Valley City
The Maverik Center in West Valley City, home of the Utah Grizzlies ice hockey team.

The Maverik Center in West Valley City, home of the Utah Grizzlies ice hockey team.
Official seal of West Valley City, Utah

Motto: 

“Progress as promised.”[1]
Location within Salt Lake County

Location within Salt Lake County
West Valley City is located in Utah

West Valley City
West Valley City
Location within Utah

Coordinates: 40°41′21″N 111°59′38″WCoordinates40°41′21″N 111°59′38″W
Country  United States
State  Utah
County Salt Lake
Settled 1847
Incorporated 1980
Government

 
 • Mayor Karen Lang [2]
Area

 • Total 35.88 sq mi (92.92 km2)
 • Land 35.83 sq mi (92.79 km2)
 • Water 0.05 sq mi (0.14 km2)
Elevation

 
4,304 ft (1,312 m)
Population

 • Total 140,230
 • Density 3,913.76/sq mi (1,511.11/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
Area code(s) 385, 801
FIPS code 49-83470[5]
GNIS feature ID 1437843[6]
Website www.wvc-ut.gov

West Valley City is a city in Salt Lake County and a suburb of Salt Lake City in the U.S. state of Utah. The population was 140,230 at the 2020 census,[4] making it the second-largest city in Utah. The city incorporated in 1980 from a large, quickly growing unincorporated area, combining the four communities of Granger, Hunter, Chesterfield, and Redwood. It is home to the Maverik Center and USANA Amphitheatre.

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Succession Planning

From Wikipedia, the free encyclopedia
 

Business succession planning[edit]

Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression.[6] In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.[7]

Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. Merck and other companies argue that a “talent mindset” must be part of the leadership culture for these practices to be effective.[8]

Organizations use succession planning as a process to ensure that employees are recruited and developed to fill each key role within the company. Through one’s succession-planning process, one recruits superior employees,[citation needed] develops their knowledge, skills, and abilities, and prepares them for advancement or promotion into ever more-challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. As one’s organization expands, loses key employees, provides promotional opportunities, or increases sales, one’s succession planning aims to ensure that one has employees on hand ready and waiting to fill new roles. Succession planning is one of important processes in leadership pipeline.

According to a 2006 Canadian Federation of Independent Business survey,[9] slightly more than one third of owners of independent businesses plan to exit their business within the next 5 years – and within the next 10 years two-thirds of owners plan to exit their business. The survey also found that Small and medium-sized enterprises (SMEs) are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all. A 2004 CIBC survey suggests that succession planning is increasingly becoming a critical issue. The CIBC estimated that by 2010, $1.2 trillion in business assets would be poised to change hands.[10]

Research indicates many succession-planning initiatives fall short of their intent.[11] “Bench strength”, as it is commonly called, remains a stubborn problem in many if not most companies. Studies indicate that companies that report the greatest gains from succession planning feature high ownership by the CEO and high degrees of engagement among the larger leadership team.[12]

Companies well known for their succession planning and executive-talent development practices include: General ElectricHoneywellIBMMarriottMicrosoftPepsi and Procter & Gamble.

Research indicates that clear objectives are critical to establishing effective succession planning.[12] These objectives tend to be core to many or most companies that have well-established practices:

  • Identify those with the potential to assume greater responsibility in the organization
  • Provide critical development experiences to those that can move into key roles
  • Engage the leadership in supporting the development of high-potential leaders
  • Build a database that can be used to make better staffing decisions for key jobs

In other companies these additional objectives may be embedded in the succession process:

  • Improve employee commitment and retention
  • Meet the career development expectations of existing employees
  • Counter the increasing difficulty and costs of recruiting employees externally

Process and practices[edit]

Companies devise elaborate models to characterize their succession and development practices. Most reflect a cyclical series of activities that include these fundamentals:

  • Identify key roles for succession or replacement planning
  • Define the competencies and motivational profile required to undertake those roles
  • Assess people against these criteria – with a future orientation
  • Identify pools of talent that could potentially fill and perform highly in key roles
  • Develop employees to be ready for advancement into key roles – primarily through the right set of experiences.

In many companies, over the past several years,[when?] the emphasis has shifted from planning job assignments to development, with much greater focus on managing key experiences that are critical to growing global-business leaders.[citation needed] North American companies tend to be more active in this regard, followed by European and Latin American countries.

PepsiCo, IBM and Nike provide current examples of the so-called “game-planning” approach to succession and talent management. In these and other companies annual reviews are supplemented with an ongoing series of discussions among senior leaders about who is ready to assume larger roles. Vacancies are anticipated and slates of names are prepared based on highest potential and readiness for job moves. Organization realignments are viewed as critical windows-of-opportunity to utilize development moves that will serve the greater good of the enterprise.

Assessment is a key practice in effective succession-planning. There is no widely accepted formula for evaluating the future potential of leaders, but many tools and approaches continue to be used today, ranging from personality and cognitive testing to team-based interviewing and simulations and other Assessment centre methods. Elliott Jaques and others have argued for the importance of focusing assessments narrowly on critical differentiators of future performance. Jaques developed a persuasive case for measuring candidates’ ability to manage complexity, formulating a robust operational definition of business intelligence.[13] The Cognitive Process Profile (CPP) psychometric is an example of a tool used in succession planning to measure candidates’ ability to manage complexity according to Jaques’ definition.

Companies struggle to find practices that are effective and practical. It is clear that leaders who rely on instinct and gut to make promotion decisions are often not effective.[citation needed] Research indicates that the most valid practices for assessment are those that involve multiple methods and especially multiple raters.[14][need quotation to verify] “Calibration meetings” composed of senior leaders can be quite effective in judging a slate of potential senior leaders with the right tools and facilitation.[citation needed]

With organisations facing increasing complexity and uncertainty in their operating environments some[quantify] suggest a move away from competence-based approaches.[15] In a future that is increasingly hard to predict leaders will need to see opportunity in volatility, spot patterns in complexity, find creative solutions to problems, keep in mind long-term strategic goals for the organisation and wider society, and hold onto uncertainty until the optimum time to make a decision.[citation needed]

Professionals in the field, including academics, consultants and corporate practitioners, have many strongly-held views on the topic. Best practice is a slippery concept in this field. There are many thought-pieces on the subject that readers may[original research?] find valuable, such as “Debunking 10 Top Talent Management Myths”, Talent Management Magazine, Doris Sims, December 2009. Research-based writing is more difficult to find. The Corporate Leadership Council, The Best Practice Institute (BPI) and the Center for Creative Leadership, as well as the Human Resources Planning Society, are sources of some effective research-based materials.

Over the years,[when?] organizations have changed their approach to succession planning. What used to be a rigid, confidential process of hand-picking executives to be company successors is now becoming a more fluid, transparent practice that identifies high-potential leaders and incorporates development programs preparing them for top positions.[16] As of 2017 corporations consider succession planning a part of a holistic strategy called “talent management”.[citation needed] According to the company PEMCO, “talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, Onboarding, training, professional development, performance management, workforce planning, leadership development, career development, cross-functional work assignments, succession planning, and the employee exit process”.[16] When managing internal talent, companies must “know whether the right people, are moving at the right pace into the right jobs at the right time”.[17] An effective succession-planning strategy, coupled with solid career-development programs, will help paint a more promising future for employees.[citation needed]

Succession management[edit]

A substantial body of literature discusses succession planning. The first book that addressed the topic fully was “Executive Continuity” by Walter Mahler. Mahler was responsible in the 1970s for helping to shape the General Electric succession process which became the gold standard of corporate practice. Mahler, who was heavily influenced by Peter Drucker, wrote three other books on the subject of succession, all of which are out of print. His colleagues, Steve Drotter and Greg Kesler,[12] as well as others, expanded on Mahler’s work in their writings. “The Leadership Pipeline: How to Build the Leadership Powered Company”, by Charan, Drotter and Noel is noteworthy.[6][need quotation to verify] A new edited collection of materials, edited by Marshall Goldsmith, describes many contemporary examples in large companies.[18]

Most large corporations assign a process owner for talent and succession management. Resourcing of the work varies widely – from numbers of highly dedicated internal consultants to limited professional support embedded in the roles of human-resources generalists. Often these staff resources are separate from external staffing or recruiting functions. As of 2017 some companies seek to integrate internal and external staffing. Others are more inclined to integrate succession management with the performance management process in order simplify the work for line managers.

Succession advisors[edit]

A prior preparation needs to be done for the replacement of a CEO in family firms.[citation needed] The role of advisors is important as they help with the transition of leadership between the current-generation leaders and the successors.[citation needed] Advisors help family-owned businesses establish their own leadership skills. This process is relatively long if the successors want to be accepted by all employees. They need to take higher managing positions gradually to be respected. During this process, the successors are asked to develop different skills such as leadership. This is where the role of advisors fully exemplifies its importance. It is when the managing position is shared between the first-generation leader, the second and the advisors. An advisor helps with communication because emotional factors between family members can badly affect the company. The advisors help manage everything during a predetermined period of time and make the succession process less painful and eventful for everybody. In these cases, an interim leadership is usually what is best for the company. The employees can get accustomed to changes while getting to know the future CEO.[19][20]

Business Exit Planning[edit]

With the global proliferation of SMEs, issues of business succession and continuity have become increasingly common. When the owner of a business becomes incapacitated or passes away, it is often necessary to shut down an otherwise healthy business. Or in many instances, successors inherit a healthy business, which is forced into bankruptcy because of lack of available liquidity to pay inheritance taxes and other taxes. Proper planning helps avoid many of the problems associated with succession and transfer of ownership.

Business Exit Planning is a body of knowledge which began developing in the United States towards the end of the 20th century[citation needed], and is now spreading globally. A Business Exit Planning exercise begins with the shareholder(s) of a company defining their objectives with respect to an eventual exit, and then executing their plan, as the following definition suggests:

Business Exit Planning is the process of explicitly defining exit-related objectives for the owner(s) of a business, followed by the design of a comprehensive strategy and road map that take into account all personal, business, financial, legal, and taxation aspects of achieving those objectives, usually in the context of planning the leadership succession and continuity of a business. Objectives may include maximizing (or setting a goal for) proceeds, minimizing risk, closing a Transaction quickly, or selecting an investor that will ensure that the business prospers. The strategy should also take into account contingencies such as illness or death.[21]

All personal, financial, and business aspects should be taken into consideration. This is also a good time to plan an efficient transfer from the point of view of possibly applicable estate taxes, capital gains taxes, or other taxes.

Sale of a business is not the only form of exit. Forms of exit may also include initial public offering, management buyout, passing on the firm to next-of-kin, or even bankruptcy. Bringing on board financial strategic or financial partners may also be considered a form of exit, to the extent that it may help ensure succession and survival of the business.

In developed countries, the so-called “baby boomer” demographic wave is now reaching the stage where serious consideration needs to be given to exit. Hence, the importance of Business Exit Planning is expected to further increase in the coming years.

Family business[edit]

Small business succession tends to focus on how a business will continue to operate once its founder or initial leadership team retires or otherwise leaves the business. While small businesses on the whole often fail after the departure of their initial leadership team, succession planning can result in significantly improved chances for a business’s continuation.[22]

Within the context of succession planning, where a small business is owned by a group of managers or partners, thought should be given to the transition of the business to the partners, how departure from a business will be managed, and how shares or ownership interest will be valued for purposes of sale or buy-out.[23]

When succession occurs within a company’s hierarchy, succession plans should consider issues that may arise relating to retention of the intended successor, the possibility of jealousy by other employees, and how other employees will respond when they learn of the succession plan.[23] Additional issues are likely to arise if succession is to a family member,[24] particularly if more than one child of the managing owner works for the business or if siblings who do not work for the business will gain shares without having invested time and energy in the business.[23]

Small businesses and perhaps especially family businesses benefit from creating a disciplined succession process, involving,

  • Discussion and commitment by the shareholders;
  • Careful candidate selection; and
  • Integration and development of the selected successor.[22]

No part of the process should be rushed, with the integration process being expected to take roughly two years.[22]

Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant.[1][2] Succession planning in dictatorshipsmonarchies, politics, and international relations is used to ensure continuity and prevention of power struggle.[3][4] Within monarchies succession is settled by the order of succession.[3] In business, succession planning entails developing internal people with managing or leadership potential to fill key hierarchical positions in the company. It is a process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those roles when they become vacant.[2] Succession planning also applies to small and family businesses (including farms and agriculture) where it is the process used to transition the ownership and management of a business to the next generation.[5]

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