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Business Succession Lawyer Layton Utah

Layton, Utah is located in Davis County in the United States, and it is the home of many experienced attorneys and attorneys-at-law. The city is known for its large population of Mormons (also known as Latter-day Saints or LDS), and it is a great place for businesses to set up shop and for individuals to come for legal advice. The city is also home to many businesses and law firms, and one of the attorneys who does business succession law is Jeremy Eveland. Mr. Eveland is a business attorney that focuses on business succession law and estate planning. He offers a wide range of legal services, including business succession law, estate planning, and probate and estate administration.

Business Succession

Business succession law is a complex area of the law that governs the transfer of business ownership from one generation to the next. The laws in the United States vary from state to state, and each state has its own unique set of rules and regulations governing business succession. In this paper, we will explore the business succession law in the state of Utah, including a look at the Utah Code, Utah case law, and the experience of business lawyers in the state. We will also discuss the areas of business succession law that are of particular importance to business owners in Utah, including the role of business partnerships, estate planning, and the use of alternative dispute resolution.

Business Succession Law in Layton Utah

Business succession law in Utah is governed primarily by the Utah Code and Utah case law. The Utah Code outlines the laws and regulations that govern the transfer of business ownership from one generation to the next, including provisions for the formation of business partnerships, the drafting of partnership agreements, and the winding up of a business in the event of death or incapacity. The Utah Code also sets forth rules governing the probate of a decedent’s estate, the descent and distribution of assets, and the intestate succession of assets.

In addition to the Utah Code, Utah case law also provides guidance on business succession law. The Utah Supreme Court has issued numerous opinions on the topic, including decisions in cases involving business partnerships, the transfer of ownership interests, and the interpretation of partnership agreements. These opinions provide important guidance for business lawyers in the state, as well as business owners seeking to understand the nuances of Utah business succession law.

Business Lawyers in Layton Utah

Utah is home to a number of experienced business lawyers who specialize in business succession law. These lawyers are experienced in the drafting and interpretation of partnership agreements, the creation of business entities, and the handling of probate matters. Many of these lawyers are located in the major cities of Utah, including Layton, Lindon, St. George, Salt Lake City, and the Provo Orem area.

Business lawyers in Utah can provide a variety of services to business owners, including legal advice and guidance on the transfer of ownership interests, the formation of business partnerships, and the drafting of partnership agreements. They can also provide counsel on estate planning, asset protection, and the use of alternative dispute resolution (ADR) to resolve business disputes. Business lawyers in Utah are also familiar with the unique laws and regulations that govern the transfer of business ownership in the state, including the Utah probate code and the intestacy laws.

Business Partnerships in Layton Utah

Business partnerships are a common form of business entity in Utah, and the Utah Code sets forth the rules and regulations that govern the formation, maintenance, and dissolution of business partnerships. Under the Utah Code, business partnerships are formed when two or more individuals enter into a written partnership agreement that sets forth their respective ownership interests and rights, duties and obligations, and the means of winding up the partnership in the event of death or incapacity.

The partnership agreement also sets forth the rights and duties of the partners, as well as the terms for the winding up of the partnership in the event of a dispute or the death of one of the partners. The partnership agreement is a legally binding document, and all partners are obligated to abide by its terms. In the event of a dispute, the partnership agreement may provide for the use of alternative dispute resolution, such as mediation or arbitration, to resolve the dispute.

Estate Planning and Business Succession

Estate planning is an important component of business succession law in Utah. Estate planning involves the drafting of a will or trust to ensure the orderly transfer of assets upon the death of the business owner. The will or trust can specify the distribution of assets, including business interests, to the business owner’s heirs or beneficiaries. The will or trust can also provide for the appointment of a guardian for a disabled child or an executor to manage the decedent’s estate.

Estate planning can also involve the drafting of advance directives, such as a living will or power of attorney, which allow the business owner to make decisions regarding healthcare and financial matters even in the event of incapacitation. Estate planning also involves the review of insurance policies, such as life insurance, to ensure that the business owner’s assets are properly protected.

Alternative Dispute Resolution

Alternative dispute resolution (ADR) is an increasingly popular method for resolving business disputes in Utah. ADR allows parties to resolve their disputes through mediation, arbitration, or other means, rather than through litigation. ADR can be used to resolve a variety of business disputes, including disputes over the ownership of a business, the interpretation of a partnership agreement, or the winding up of a business in the event of death or incapacity.

Business succession law in Utah is governed by the Utah Code and Utah case law. Business lawyers in the state are experienced in the drafting and interpretation of partnership agreements, the creation of business entities, and the handling of probate matters. Estate planning and the use of alternative dispute resolution are also important components of business succession law in Utah. Business owners should consult with experienced business lawyers in the state to ensure that their business succession plans are properly crafted and executed.

Business Startup Lawyer Layton Utah

Small businesses surround us. They are on every other street and in every corner. Every second thing someone buys comes from a small business. In India where unemployment is a serious issue, small business gains a special position in the industrial structure because of their ability to utilize labor and create employment. Let us learn about meaning, nature and types of small business.

Meaning of Small Business

Small businesses are either services or retail operations like grocery stores, medical stores, trades people, bakeries and small manufacturing units. Small businesses are independently owned organizations that require less capital and less workforce and less or no machinery. These businesses are ideally suited to operate on a small scale to serve a local community and to provide profits to the company owners.

Nature of Small Business

The nature of small businesses can be classified as follows:

1. Shoestring Budget

A sole proprietor or a small group of people operate small businesses. These businesses often run on ‘shoestring budget’ meaning that small businesses function on a very tight budget.

2. ‎Labor intensive

Small businesses are mostly labor intensive. Various types of small business largely rely on labor for their functioning. The primary nature of small businesses is more involvement of physical work rather than intellectual work. The lack of machinery makes the employees manage their operations manually.

3. Community-based

Small businesses are started with the motive of satisfying the needs and demands of a local area or community. These businesses demographically target few areas of concentration and are hence community-based.

4. Indigenous technology

Due to small businesses being community focused and labor oriented they often thrive upon native methods of operations. In India, there are many businesses in the rural sector that still use outdated technology. This might give uniqueness to the products but hinders the development of the business.

The Stages of Small Business Growth

Each stage is characterized by an index of size, diversity, and complexity and described by five management factors: managerial style, organizational structure, and extent of formal systems, major strategic goals, and the owner’s involvement in the business. We depict each stage and describe narratively in this article.

Stage I: Existence.

In this stage the main problems of the business are obtaining customers and delivering the product or service contracted for. Among the key questions are the following:

Can we get enough customers, deliver our products, and provide services well enough to become a viable business?

Can we expand from that one key customer or pilot production process to a much broader sales base?

Do we have enough money to cover the considerable cash demands of this start-up phase?

The organization is a simple one—the owner does everything and directly supervises subordinates, who should be of at least average competence. Systems and formal planning are minimal to nonexistent. The company’s strategy is simply to remain alive. The owner is the business, performs all the important tasks, and is the major supplier of energy, direction, and, with relatives and friends, capital.

Companies in the Existence Stage range from newly started restaurants and retail stores to high-technology manufacturers that have yet to stabilize either production or product quality. Many such companies never gain sufficient customer acceptance or product capability to become viable. In these cases, the owners close the business when the start-up capital runs out and, if they’re lucky, sell the business for its asset value. In some cases, the owners cannot accept the demands the business places on their time, finances, and energy, and they quit. Those companies that remain in business become Stage II enterprises.

Stage II: Survival.

In reaching this stage, the business has demonstrated that it is a workable business entity. It has enough customers and satisfies them sufficiently with its products or services to keep them. The key problem thus shifts from mere existence to the relationship between revenues and expenses. The main issues are as follows:

In the short run, can we generate enough cash to break even and to cover the repair or replacement of our capital assets as they wear out?

Can we, at a minimum, generate enough cash flow to stay in business and to finance growth to a size that is sufficiently large, given our industry and market niche, to earn an economic return on our assets and labor?

The organization is still simple. The company may have a limited number of employees supervised by a sales manager or a general foreman. Neither of them makes major decisions independently, but instead carries out the rather well-defined orders of the owner.

Systems development is minimal. Formal planning is, at best, cash forecasting. The major goal is still survival, and the owner is still synonymous with the business.

Stage III: Success.

The decision facing owners at this stage is whether to exploit the company’s accomplishments and expand or keep the company stable and profitable, providing a base for alternative owner activities. Thus, a key issue is whether to use the company as a platform for growth—a substage III-G company—or as a means of support for the owners as they completely or partially disengage from the company—making it a substage III-D company. Behind the disengagement might be a wish to start up new enterprises, run for political office, or simply to pursue hobbies and other outside interests while maintaining the business more or less in the status quo.
As the business matures, it and the owner increasingly move apart, to some extent because of the owner’s activities elsewhere and to some extent because of the presence of other managers. Many companies continue for long periods in the Success-Disengagement substage. The product-market niche of some does not permit growth; this is the case for many service businesses in small or medium-sized, slowly growing communities and for franchise holders with limited territories.

Stage IV: Take-off.

In this stage the key problems are how to grow rapidly and how to finance that growth. The most important questions, then, are in the following areas:
Delegation. Can the owner delegate responsibility to others to improve the managerial effectiveness of a fast growing and increasingly complex enterprise? Further, will the action be true delegation with controls on performance and a willingness to see mistakes made, or will it be abdication, as is so often the case?
Cash. Will there be enough to satisfy the great demands growth brings (often requiring a willingness on the owner’s part to tolerate a high debt-equity ratio) and a cash flow that is not eroded by inadequate expense controls or ill-advised investments brought about by owner impatience?

The organization is decentralized and, at least in part, divisionalized—usually in either sales or production. The key managers must be very competent to handle a growing and complex business environment. The systems, strained by growth, are becoming more refined and extensive. Both operational and strategic planning are being done and involve specific managers. The owner and the business have become reasonably separate, yet the company is still dominated by both the owner’s presence and stock control.

This is a pivotal period in a company’s life. If the owner rises to the challenges of a growing company, both financially and managerially, it can become a big business. If not, it can usually be sold—at a profit—provided the owner recognizes his or her limitations soon enough. Too often, those who bring the business to the Success Stage are unsuccessful in Stage IV, either because they try to grow too fast and run out of cash (the owner falls victim to the omnipotence syndrome), or are unable to delegate effectively enough to make the company work (the omniscience syndrome).

It is, of course, possible for the company to traverse this high-growth stage without the original management. Often the entrepreneur who founded the company and brought it to the Success Stage is replaced either voluntarily or involuntarily by the company’s investors or creditors.

Stage V: Resource Maturity.

The greatest concerns of a company entering this stage are, first, to consolidate and control the financial gains brought on by rapid growth and, second, to retain the advantages of small size, including flexibility of response and the entrepreneurial spirit. The corporation must expand the management force fast enough to eliminate the inefficiencies that growth can produce and professionalize the company by use of such tools as budgets, strategic planning, management by objectives, and standard cost systems—and do this without stifling its entrepreneurial qualities.

A company in Stage V has the staff and financial resources to engage in detailed operational and strategic planning. The management is decentralized, adequately staffed, and experienced. And systems are extensive and well developed. The owner and the business are quite separate, both financially and operationally.
The company has now arrived. It has the advantages of size, financial resources, and managerial talent. If it can preserve its entrepreneurial spirit, it will be a formidable force in the market. If not, it may enter a sixth stage of sorts: ossification.

Avoiding Future Problems

Do I have the quality and diversity of people needed to manage a growing company?

Do I have now, or will I have shortly, the systems in place to handle the needs of a larger, more diversified company?

Do I have the inclination and ability to delegate decision making to my managers?

Do I have enough cash and borrowing power along with the inclination to risk everything to pursue rapid growth?

Similarly, the potential entrepreneur can see that starting a business requires an ability to do something very well (or a good marketable idea), high energy, and a favorable cash flow forecast (or a large sum of cash on hand). These are less important in Stage V, when well-developed people-management skills, good information systems, and budget controls take priority. Perhaps this is why some experienced people from large companies fail to make good as entrepreneurs or managers in small companies. They are used to delegating and are not good enough at doing.

Layton Utah Business Attorney Consultation

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

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
https://jeremyeveland.com

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 Succession Lawyer Ogden Utah

Business Succession Lawyer Layton Utah

Layton, Utah

From Wikipedia, the free encyclopedia

Layton, Utah
City
Historic Downtown Layton
Flag
Location within Davis County and the State of Utah
Coordinates: 41°4′41″N 111°57′19″WCoordinates: 41°4′41″N 111°57′19″W
Country	United States
State	Utah
County	Davis
Settled	1850s
Incorporated	May 24, 1920
City	1950
Named for	Christopher Layton
Government
• Type	Council–manager^[1]
• Mayor	Joy Petro
Area ^[2]
• Total	22.65 sq mi (58.67 km²)
• Land	22.50 sq mi (58.27 km²)
• Water	0.16 sq mi (0.40 km²)
Elevation ^[3]	4,356 ft (1,328 m)
Population (2020)^[4]
• Total	84,665 (2,022 est)
• Density	3,634.36/sq mi (1,403.35/km²)
Time zone	UTC−7 (Mountain (MST))
• Summer (DST)	UTC−6 (MDT)
ZIP codes	84040, 84041
Area code(s)	385, 801
FIPS code	49-43660^[5]
GNIS feature ID	2411639^[3]
Website	laytoncity.org

Layton is a city in Davis County, Utah, United States. It is part of the Ogden-Clearfield Metropolitan Statistical Area. As of the 2020 census, the city had a population of 81,773,^[4]^[7] with 2022 estimates showing a slight increase to 84,665. Layton is the most populous city in Davis County and the ninth most populous in Utah.

Layton has direct access to Salt Lake City, Ogden, Salt Lake City International Airport, Antelope Island, and the FrontRunner commuter rail. Layton City is a leader in economic development for the region, with immediate adjacency to Hill Air Force Base, a large hospitality district (1,000+ hotel beds) and conference center, the Layton Hills Mall, multiple nationally recognized retail and food chains, the East Gate Business Park, and the Weber State University-Davis campus.

In 2014, Layton contributed $1.34 billion^[8] worth of retail sales activity, the second largest market north of Salt Lake City and seventh largest in Utah.

Layton, Utah

About Layton, Utah

Layton is a city in Davis County, Utah, United States. It is part of the Ogden-Clearfield Metropolitan Statistical Area. As of the 2020 census, the city had a population of 81,773, with 2022 estimates showing a slight increase to 84,665. Layton is the most populous city in Davis County and the ninth most populous in Utah.

Things To Do in Layton, Utah

SeaQuest Utah

Great Salt Lake Shorelands Preserve

Adams Canyon Trail

Layton Commons Park

Andy Adams Park

Ellison Park

The Hive Winery and Brandy Company

Great Room Escape

Layton City Vietnam Memorial Wall

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Heritage Museum of Layton

Classic Fun Center

The Colosseum

Boondocks Food & Fun: Kaysville

TRU Play

Hill Aerospace Museum

Vae View Park

Edward A. Kenley Centennial Amphitheater

Camelot Park

Loveland Living Planet Aquarium

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Urban Air Trampoline and Adventure Park

Bus Stops in Layton, Utah to Jeremy Eveland

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Map of Layton, Utah

Driving Directions in Layton, Utah to Jeremy Eveland

Driving Directions from Helgesen, Houtz & Jones to 17 N State St, Lindon, UT 84042, USA

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Driving Directions from Sean Wood Attorney at Law to 17 N State St, Lindon, UT 84042, USA

Driving Directions from Wasatch Legal Services - Estate Planning, Injury, Bankruptcy Lawyer to 17 N State St, Lindon, UT 84042, USA

Driving Directions from Feller & Wendt, LLC - Personal Injury & Car Accident Lawyers to 17 N State St, Lindon, UT 84042, USA

Driving Directions from The Law Offices of Jordan F. Wilcox, PC to 17 N State St, Lindon, UT 84042, USA

Driving Directions from Law office of Jeremy B Atwood to 17 N State St, Lindon, UT 84042, USA

Driving Directions from Canyons Law Group, LLC to 17 N State St, Lindon, UT 84042, USA

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Reviews for Jeremy Eveland Layton, Utah

Business Succession Lawyer Ogden Utah

Business succession planning is an important part of any business’s long-term success. It is a way to ensure that a business will continue to operate, even after the owner retires, or in the event of death or disability. The process of planning involves a number of steps, including the selection of a successor, the transfer of ownership, and the establishment of a legal framework for the continued operation of the business. An experienced business succession lawyer in Ogden, Utah can help business owners through the process and ensure that their business is protected and able to continue to thrive.

Business succession planning involves a number of legal considerations, including the selection of a successor, the transfer of ownership, and the establishment of a legal framework for the continued operation of the business. The process typically begins with the selection of a successor. This can be a family member, a partner, or a key employee. The succession plan must be documented and signed by all parties and must be approved by the state of Utah. Once the successor is chosen, the transfer of ownership must be completed and the legal framework established.

Once the succession plan is in place, the business succession lawyer in Ogden, Utah will help the business owner to create a plan for the ongoing operation of the business. This will include the creation of a partnership agreement, the establishment of a buy-sell agreement, and the implementation of a key employee retention plan. The lawyer will also help the business owner to review the estate planning documents, such as wills, trusts, and other legal documents, to ensure that the business assets will be managed according to the wishes of the business owner.

The business succession lawyer in Ogden, Utah will also be responsible for keeping the business up to date with the changing laws and regulations in the state. This includes providing legal advice to the business owner on matters such as tax issues, labor laws, and other issues that may affect the operation of the business. The lawyer will also act as a mediator between the business owner and the state of Utah, if disputes arise.

The business succession lawyer in Ogden, Utah will also provide legal services for the business in the event of death or disability of the business owner. This includes preparing the necessary paperwork for the transfer of ownership and ensuring that the estate is properly distributed to the heirs or beneficiaries. The lawyer will also handle the filing of probate documents, the payment of estate taxes, and the distribution of assets.

Finally, the business succession lawyer in Ogden, Utah will provide legal advice to the business owner on other matters related to the business. This includes providing advice on the formation of a partnership agreement, the negotiation of a buy-sell agreement, and other legal matters. The lawyer will also act as a resource to the business owner in case of any disputes or legal issues that may arise.

Business succession planning is a complex process, and it is important that business owners work with an experienced business succession lawyer in Ogden, Utah. An experienced lawyer can provide the necessary legal advice and expertise to ensure that the business is protected and will continue to thrive for years to come.

Business Advice

The reason you should care about the business advice other successful entrepreneurs have to share with you… is that their experiences and words of wisdom may just come in handy one day. They have created products and services we’ve all heard of, turned entire industries upside down, redefined what it means to be successful when you start a business and many have also written business books or taught online business courses about it. Suffice it to say, their business advice is worth its weight in gold.

Not surprisingly, many of these entrepreneurs had very similar pieces of business advice to share, based on what has worked for them when it comes to learning how to grow a business.

Here are some actual advices:
 Never forget that your business needs to take in more money than it spends. I know that sounds too simple, but so many people lose sight of that. That’s also why so many first-time entrepreneurs over-invest (or spend so much of their time looking for investors) early on. “Create solutions that cost little to no money & always spend less than you make.” Instead, work to come up with a creative solution that costs little to no money. That forced discipline will help you spend less than you make, even when you’re not making a lot. Sometimes capital is necessary, but at some point there must be return on that capital. There’s nothing wrong with taking equity investment, investing for the future, even losing money for a few years. But your plan has to get you back to that simple equation of making more than you spend.
 Entrepreneurs make over-estimating the novelty of their big idea. “Don’t over-estimate the novelty of your big idea. Wait for a truly great one.” It takes so much time and effort to go all-in on a business idea, you might as well wait for a truly great one.
 Probably another costly mistake many entrepreneurs make is in choosing the people that they work with or hire, it’s a mistake that has been seen over and over again. “Work with people on projects before handing over equity or large sums of money.” The way we have gotten around that is to always work with somebody on a project before we start handing over significant equity stakes or large sums of money. If the trial project goes well, then talk about expanding the scope of the relationship ‘a bad hire in the first few employees can be detrimental to a startup.’
 Another mistake first-time (or inexperienced) entrepreneurs make is that they see others in their industry or blog niche as competition. This can significantly hold you back, as you may never learn industry secrets and tips, make genuine friends, and more. “Don’t view others in your niche as competition. Network and build relationships.” See others in your industry or niche as colleagues and friends. You should network with others, attend conferences, reach out to people, and more.
 Across the board, another mistake first-time entrepreneurs make is placing too much focus on building product versus learning from users. There usually isn’t much risk in building software, but there’s a lot of risk in bringing a new product to market. “Take time to learn how your users actually behave with your product.” A few ways to solve this include: constantly talking to users, building an audience while or before you build and taking time to learn how users actually behave with your product. Not easy, but if you can really understand which type of user you want to optimize toward, you will increase your odds of finding an initial wedge in the market.
 Most people, particularly those with their first project is striving for perfection over getting it done. Weeks turn into months, months into years. As a result, whatever they are trying to launch isn’t out there gaining traction in the marketplace because of the fear of being perfect. “Go out and break shit, it’s better to ask for forgiveness than permission when you start a business.” The only way your project, your business idea or whatever is in your mind is going to become better, is by having people use it in the real-world.
 New entrepreneurs make the mistake of not putting themselves out there. If you want to succeed as an entrepreneur, you need to show others what you are doing. “Put yourself out there and show others what you’re working on.” Instead of praying an audience (or customers) will find you, get in front of people in your space. Start a blog, podcast or create video content. Take advantage of social media. Attend in-person events. One way to make “putting yourself out there” easier is by making an effort to help others. (Sounds counterintuitive, right!) On the individual level, maybe it’s by making an introduction. For a larger audience, perhaps it’s by pursuing and executing on actionable blog post ideas. However, by being helpful you will make a lasting impression.
 First-time entrepreneurs mostly try to invent something totally new because their ego tells them they have to. “Don’t invent something new. Copy what works and make tweaks to push over the top.” It is much smarter to copy a competitor you like, then tweak one or two things that you think will put you over the top.
 Trying to start a company for years and still making the mistake planning too far ahead. Many new entrepreneurs are stuck on this idea of what the company could be five years from now. They are trying to make the five year version of the company happen tomorrow. “Focus on the next step and don’t try to make your 5yr vision happen tomorrow.” What they need to realize is that if you have no customers, the next milestone is one customer. A very powerful tactic to overcome this is to help young entrepreneurs focus on building on momentum. That means focusing on the next step and trusting that those first few steps will build to the speed and impact you want.
 Avoid being a single founder. Creating a company is hard work, most startups fail. The one characteristic you need above all others is resilience. You need to be relentless and work harder than the competition, and even then you will have tough times. It is for this reason that it is advisable to start companies with more than one founder. It means there is someone to share the load, to reflect and to support each other. “Want to be successful in business? Avoid being a single founder.” It is not impossible to be a single founder but it is easier to be resilient and successful as a team.”
 First-time entrepreneurs almost always focus too much on non-differentiating work. Work that doesn’t make a difference in their business. Work that definitely doesn’t increase revenue. “Without a focus on doing work that makes a difference, your business is just a hobby.” A few simple examples: Redesigning your logo or website a dozen times in hopes of finding that perfect blog layout, setting up every social media account possible, trying to stay on top of said social media. And the list goes on. Instead, focus on revenue. Do the tasks that will increase revenue and reduce costs. Without a focus on that, your business is just a hobby. In order to even consider doing work that makes a difference, you need to build and leverage your entrepreneurial strength every day.
 If your freelance client won’t agree to a 50% deposit, they’re not worth working with. To prevent disasters like this, take a 50% upfront payment before you even start, then taking the final 50% before any final files are provided. Any client not willing to work this way is unlikely to ever pay and should be avoided. I also strongly advise freelancers to have a written freelance contract, signed by the client, detailing what’s been agreed upon and what will happen in various different circumstances. This will give you ammo should your client be unreasonable, and will also add a level of professionalism and credibility to your service.
 There’s one incredibly painful mistake that new entrepreneurs make. It’s painful because it keeps them from success. They feel like they’re working hard, but not making any progress. The mistake? Trying to do too many things at once. “Focus on just one project & strategy at a time, you’re more likely to succeed.” Focus, by definition, means narrowing your field of vision and attention. It means choosing which opportunities, projects, and even customers you are NOT going to pursue. And it is really, really hard. Focus in on just ONE strategy, create an incredibly high-value virtual summit, and you would start to make serious progress in your business. “Choose the one thing that will move the needle for you and your business. When you try to be the best podcaster, blogger, author, business coach and event producer all at the same time, you end up being mediocre at all of them. Pick one (like learning how to master the art and science of cold emailing). Focus. And work it, hard.
One piece of bonus advice: As a newer business owner, one of the biggest ROI’s you will get is from investing in growing your email list. Whether you plan on offering a mastermind, writing books or producing online summits, you’ll need a powerful, engaged email list. Make that a focus from day one.

 The most painful mistake that first-time entrepreneurs make is they rely on their business idea too much. They are convinced that success in business is pre-determined by the awesomeness of their business idea alone. And they could not be more wrong. Execution is equally (if not more) important than the actual idea. Ideation is the easy and fun part and execution is the hard and tedious one. “Success in business is NOT pre-determined by the awesomeness of your idea.” That is why people would rather put faith in their ideas than invest countless hours of work towards making it happen.
 Most entrepreneurs launch before they learn. For example, you may decide you want to launch a marketing consulting company, so you hastily make a website, content and reach out to people, but you have not yet figured out who your target clientele is. What people actually need help with or what you are specifically good at. So no one bites. Or you could launch a new app, but you don’t know what sells well in the app store or how to promote it. So even though you have a great product, no one sees it. Or you decide to write a book but haven’t really spent time with the key concept (researching), talking to people—so your book proposal falls flat and feels generic. Publishers ignore it. “Learn before you launch. Take time to build your plan and be patient.” This common mistake could also be framed as an inspiration/perspiration problem. We’re so inspired by the end result that we forego the process — a lot of which is hard, un-fun work. In turn, we sacrifice the best possible outcome. And this is painful because the solution is retrospectively so obvious: patience. Take time with each new idea; flesh it out; design it fully; have a plan and not just hope.”
 First-time entrepreneurs are being deathly afraid that someone will steal their secret idea. “Spoiler alert for first-time entrepreneurs: Ideas are worthless.” It is the execution beyond the idea that really brings home the gold. So focus on getting out there and meeting as many folks as possible to join your team, give you feedback and point you in the right direction. Any successful entrepreneurial journey is the sum total of a rather large (and under-appreciated) team that came together in a magical way. Get cracking on building yours.
 First-time entrepreneurs don’t count the cost or figure out how they will actually make money ahead of time. Since entrepreneurs don’t create a business as a ‘charitable deed to mankind,’ they need to think about where their revenue and profit will be once the business scales. “If you want to succeed in business, count your costs and project revenue ahead of time.”
 New entrepreneurs bank on an idea that is not valuable to anyone with actual, real-world problems. “Spend time with people who are different than you, it will open your mind to different people and different problems, allowing you to connect the dots faster and make a real contribution to the world.
 Many first-time entrepreneurs do not follow the Customer Development Model (the Steve Blank school of thought). They won’t presell their product. They avoid surveying their market, meeting or calling people from their target audience before they pony up substantial money and time building a product. In other words, too often first-timers build a product behind closed doors and don’t get the feedback necessary to ensure they get buy in for their idea. As a result, they don’t reach product-market fit and end up building a product that fails or succeeds by mere chance, not by calculated steps. “Don’t build your product behind closed doors. Get feedback and validate your idea.” Avoid the common mistake of aiming to be the next Facebook. Achieve product-market fit by focusing on building one core feature better than the competition and make sure that feature solves a big pain point for your audience. Don’t get lost in creating a bunch of features off-the-bat.
Keep your first product extremely barebones. Get clear product validation from your target customer before you spend any time or money building a Minimum Viable Product (MVP). Start small. Invest more resources in product development as you generate enough operating income to cover your ongoing research and development expenses. Hold off on executing your product roadmap before you have enough consistent sales revenue to support that vision.
 Become your company’s best salesperson and marketer before hiring. One costly and painful mistake is hiring in marketing and sales too early. Things tend to go VERY wrong when a founder brings on board a senior sales or marketing person who is lacking entrepreneurial spirit and/or experience working in startups. Instead of hiring full-time, founders should seek out and consult with experienced marketers and sales veterans who work with startups on a daily basis for a fixed fee or company stock based on specific goals.” And remember, the fact that you can recite all the business slang, blogging terms or industry jargon that’s pervasive within your niche, does not automatically make you a good salesperson. Connect with your target customers and learn how to truly help them.

Business Succession Lawyer Ogden Utah Consultation

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

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
https://jeremyeveland.com

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 Succession Lawyer Ogden Utah

Ogden, Utah“>Ogden, Utah

From Wikipedia, the free encyclopedia

Ogden, Utah
City
From top left to bottom right: Ogden High School, Weber State University Bell Tower, Peery’s Egyptian Theater, Downtown, Gantry Sign, aerial view
Flag
Nickname: Junction City
Motto: Still Untamed
Location in Weber County and the state of Utah
Coordinates: 41°13′40″N 111°57′40″WCoordinates: 41°13′40″N 111°57′40″W
Country	United States
State	Utah
County	Weber
Settled	1844
Incorporated	February 6, 1851 (As Brownsville)
Named for	Peter Skene Ogden^[1]
Government
• Type	Council-Mayor
• Mayor	Mike Caldwell
Area ^[2]
• City	27.55 sq mi (71.35 km²)
• Land	27.55 sq mi (71.35 km²)
• Water	0.00 sq mi (0.01 km²)
Elevation	4,300 ft (1,310 m)
Population (2020)
• City	87,321
• Density	3,169.55/sq mi (1,223.84/km²)
• Urban	608,857 (US: 69th)
• Urban density	2,863.9/sq mi (1,105.8/km²)
• Metro	694,863 (US: 83rd)
Demonym	Ogdenite ^[3]
Time zone	UTC−7 (MST)
• Summer (DST)	UTC−6 (MDT)
ZIP Codes	84201, 84244, 844xx
Area codes	385, 801
FIPS code	49-55980^[4]
GNIS feature ID	1444049^[5]
Website	http://ogdencity.com/

Ogden /ˈɒɡdən/ is a city in and the county seat of Weber County,^[6] Utah, United States, approximately 10 miles (16 km) east of the Great Salt Lake and 40 miles (64 km) north of Salt Lake City. The population was 87,321 in 2020, according to the US Census Bureau, making it Utah’s eighth largest city.^[7] The city served as a major railway hub through much of its history,^[8] and still handles a great deal of freight rail traffic which makes it a convenient location for manufacturing and commerce. Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains, and as the location of Weber State University.

Ogden is a principal city of the Ogden–Clearfield, Utah Metropolitan Statistical Area (MSA), which includes all of Weber, Morgan, Davis, and Box Elder counties. The 2010 Census placed the Metro population at 597,159.^[9] In 2010, Forbes rated the Ogden-Clearfield MSA as the 6th best place to raise a family.^[10] Ogden has had a sister city relationship to Hof in Germany since 1954. The current mayor is Mike Caldwell.

Ogden, Utah

About Ogden, Utah

Ogden is a city in and the county seat of Weber County, Utah, United States, approximately 10 miles (16 km) east of the Great Salt Lake and 40 miles (64 km) north of Salt Lake City. The population was 87,321 in 2020, according to the US Census Bureau, making it Utah's eighth largest city. The city served as a major railway hub through much of its history, and still handles a great deal of freight rail traffic which makes it a convenient location for manufacturing and commerce. Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains, and as the location of Weber State University.

Things To Do in Ogden, Utah

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4.7 ()

Ogden's George S. Eccles Dinosaur Park

Treehouse Museum

Ogden Nature Center

Ogden Botanical Gardens

Union Station

Beus Pond Park

Fort Buenaventura Park

Historic 25th Street

High Adventure Park

Hill Aerospace Museum

Eccles Art Center

Weber Co Daughters of Utah Pioneers Museum

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4.7 ()

29th Street Trailhead

Liberty Park

Municipal Garden

Social Axe Throwing® Ogden

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4.6 ()

South Ogden Nature Park

Waterfall Canyon

25th Street Museum

Ogden Pioneer Days Office

Bus Stops in Ogden, Utah to Jeremy Eveland

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Bus Stop in bus stop Ogden, Utah to Jeremy Eveland

Bus Stop in 2Nd St @ 415 E (Ogden) Ogden, Utah to Jeremy Eveland

Bus Stop in Ogden Station (Bay 2) Ogden, Utah to Jeremy Eveland

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Map of Ogden, Utah

Driving Directions in Ogden, Utah to Jeremy Eveland

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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.

Business Formation

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

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

Coordinates: 39°N 111°W

Utah
State
State of Utah
Flag Seal
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
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	1: Blake Moore (R) 2: Chris Stewart (R) 3: John Curtis (R) 4: Burgess 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 (Kings Peak^[1]^[2]^[a])	13,534 ft (4,120.3 m)
Lowest elevation (Beaver Dam Wash at Arizona border^[2]^[a]^[3])	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

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

State quarter
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 change, droughts 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 Orem Utah

Hiring Attorney Jeremy Eveland to draft a business succession plan in Orem, Utah is a wise decision for anyone looking for experienced legal counsel. With many years of experience in business law, Jeremy is well-versed in the nuances of business succession planning and has a deep understanding of the legal process. He works diligently with clients to ensure they understand their options and can make informed decisions. Jeremy has extensive experience in the Orem area and is a member of the Utah State Bar.

This article is part of business succession law, which is a subsection of business law.

When business disputes happen, he is an effective working with the mediator, and assisting parties to come to an agreement that meets their mutual needs. He is also a skilled litigator, having handled a variety of business cases in his career. He is committed to providing ethical and legal advice to the clients he serves.

Orem Utah Business Lawyer

For those looking for probate, estate planning, or estate administration lawyers, Jeremy is a solid choice. He is knowledgeable in the areas of estate planning, probate, and liability, and is experienced in creating partnership agreements, buy-sell agreements, and other documents related to business succession planning. He is well-versed in the tax implications of estate planning and can provide advice on how to minimize taxes and maximize estate value.

Business Formation Attorney Orem UT

Jeremy is also well-versed in the process of creating LLCs and other business entities. He can help clients draft the necessary paperwork, such as partnership agreements and operating agreements, to ensure the business is properly formed and all parties involved are properly protected. He can also provide legal advice on the ownership stakes of each business partner and the ownership interests of each party.

Jeremy is committed to providing the best legal services and solutions to his clients. He offers free consultations and is available to answer any questions clients might have. He is also available to discuss mediation, if necessary, to reach a settlement agreement between parties.

Utah Business Entity

When we talk about business entities, we are referring to the type or structure of a business as opposed to what the business does. How a business is structured affects how taxes are paid, liabilities are determined, and of course, paperwork. Business entities—organizations created by one or more people to carry on a trade—are usually created at the state level, often by filing documents with a state agency such as the Secretary of State.

Business entities are subject to taxation and must file a tax return.

For federal income tax purposes, some business entities are, by default, considered not to be separate from their owner. Such is the case with sole proprietors and single-member limited liability companies. The income and deductions related to these entities are normally reported on the same tax return as the owner of the business. The IRS calls these disregarded entities because it “disregards” the separate name and structure of the business. However, a disregarded entity can choose to be treated as if it were a separate entity. This is done by making an Entity Classification Election using Form 8832 and filing this form with the IRS. The purpose of this form is to choose a classification other than the default classification provided by federal tax laws.

Confusion Over Business and tax Terms

Distinguishing between the actual organizational structure created under state law and the tax classification can cause confusion, especially if the same words are used for both concepts. Colloquially, when accountants talk about “entities” or “entity returns,” they are referring to tax returns other than for individual people.
In simplest terms, a business entity is an organization created by an individual or individuals to conduct business, engage in a trade, or partake in similar activities. There are various types of business entities—sole proprietorship, partnership, LLC, corporation, etc.—and a business’s entity type dictates both the structure of that organization and how that company is taxed.

When starting a business, one of the first things you want to do is choose the structure of your company—in other words, choose a business entity type. This decision will have important legal and financial implications for your business. The amount of taxes you have to pay depends on your business entity choice, as does the ease with which you can get a small business loan or raise money from investors. Plus, if someone sues your business, your business entity structure determines your risk exposure. State governments in the U.S. recognize more than a dozen different types of business entities, but the average small business owner chooses between these six: sole proprietorship, general partnership, limited partnership (LP), limited liability company (LLC), C-corporation, and S-corporation.

Business Succession Lawyer Free Consultation

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

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

Types of Business Entities in Utah

As we mentioned above, at a very basic level, a business entity simply means an organization that has been formed to conduct business. However, the type of entity you choose for your business determines how your company is structured and taxed. For example, by definition, a sole proprietorship must be owned and operated by a single owner. If your business entity type is a partnership, on the other hand, this means there are two or more owners. Similarly, if you establish a business as a sole proprietorship, this means for tax purposes, you’re a pass-through entity (the taxes are passed onto the business owner). Conversely, if you establish your business as a corporation, this means the business exists separately from its owners, and therefore, pays separate taxes. Generally, to actually establish your business’s entity structure, you’ll register in the state where your business is located. With all of this in mind, the chart below summarizes the various entity types business owners can choose from:

Business Entity Type

• Sole proprietorship: Unincorporated business with one owner or jointly owned by a married couple
• General partnership: Unincorporated business with two or more owners
• Limited partnership: Registered business composed of active, general partners and passive, limited partners
• Limited liability partnership: Partnership structure that shields all partners from personal liability
• Limited liability limited partnership: Type of limited partnership with some liability protection for general partners
• Limited liability company (LLC): Registered business with limited liability for all members
• Professional limited liability company: LLC structure for professionals, such as doctors and accountants
• C-corporation: Incorporated business composed of shareholders, directors, and officers
• S-corporation: Incorporated business that is taxed as a pass-through entity
• Professional corporation: Corporate structure for professionals, such as doctors and accountants
• B-corporation: For-profit corporation that is certified for meeting social and environmental standards
• Nonprofit: Corporation formed primarily to benefit the public interest rather than earn a profit
• Estate: Separate legal entity created to distribute an individual’s property after death
• Municipality: Corporate status given to a city or town
• Cooperative: Private organization owned and controlled by a group of individuals for their own benefit

As you can see, there are numerous types of business entities; however, most business owners will choose from the six most common options: sole proprietorship, general partnership, limited partnership, LLC, C-corporation, or S-corporation. Below, we’ve explained each of these popular business entity types, as well as the pros and cons of choosing each particular structure for your company.

Sole Proprietorship

A sole proprietorship is the simplest business entity, with one person (or a married couple) as the sole owner and operator of the business. If you launch a new business and are the only owner, you are automatically a sole proprietorship under the law. There’s no need to register a sole proprietorship with the state, though you might need local business licenses or permits depending on your industry. Freelancers, consultants, and other service professionals commonly work as sole proprietors, but it’s also a viable option for more established businesses, such as retail stores, with one person at the helm.

Pros of Sole Proprietorship

• Easy to start (no need to register your business with the state).
• No corporate formalities or paperwork requirements, such as meeting minutes, bylaws, etc.
• You can deduct most business losses on your personal tax return.
• Tax filings is easy—simply fill out and attach Schedule C-Profit or Loss From Business to your personal income tax return.

Cons of Sole Proprietorship

• As the only owner, you’re personally responsible for all of the business’s debts and liabilities—someone who wins a lawsuit against your business can take your personal assets (your car, personal bank accounts, even your home in some situations).
• There’s no real separation between you and the business, so it’s more difficult to get a business loan and raise money (lenders and investors prefer LLCs or corporations).
• It’s harder to build business credit without a registered business entity.
Sole proprietorships are by far the most popular type of business structure in the U.S. because of how easy they are to set up. There’s a lot of overlap between your personal and business finances, which makes it easy to launch and file taxes. The problem is that this same lack of separation can also land you in legal trouble. If a customer, employee, or another third party successfully sues your business, they can take your personal assets. Due to this risk, most sole proprietors eventually convert their business to an LLC or corporation.

General Partnership (GP)

Partnerships share many similarities with sole proprietorships—the key difference is that the business has two or more owners. There are two kinds of partnerships: general partnerships (GPs) and limited partnerships (LPs). In a general partnership, all partners actively manage the business and share in the profits and losses. Like a sole proprietorship, a general partnership is the default mode of ownership for multiple-owner businesses—there’s no need to register a general partnership with the state. I’ve written about the Utah Uniform Partnership Act previously.

Pros of General Partnership

• Easy to start (no need to register your business with the state).
• No corporate formalities or paperwork requirements, such as meeting minutes, bylaws, etc.
• You don’t need to absorb all the business losses on your own because the partners divide the profits and losses.
• Owners can deduct most business losses on their personal tax returns.

Cons of General Partnership

• Each owner is personally liable for the business’s debts and other liabilities.
• In some states, each partner may be personally liable for another partner’s negligent actions or behavior (this is called joint and several liability).
• Disputes among partners can unravel the business (though drafting a solid partnership agreement can help you avoid this).
• It’s more difficult to get a business loan, land a big client, and build business credit without a registered business entity.

Most people form partnerships to lower the risk of starting a business. Instead of going all-in on your own, having multiple people sharing the struggles and successes can be very helpful, especially in the early years. This being said, if you do go this route, it’s very important to choose the right partner or partners. Disputes can seriously limit a business’s growth, and many state laws hold each partner fully responsible for the actions of the others. For example, if one partner enters into a contract and then violates one of the terms, the third party can personally sue any or all of the partners.

Limited Partnership (LP)

Unlike a general partnership, a limited partnership is a registered business entity. To form an LP, therefore, you must file paperwork with the state. In an LP, there are two kinds of partners: those who own, operate, and assume liability for the business (general partners), and those who act only as investors (limited partners, sometimes called “silent partners”). Limited partners don’t have control over business operations and have fewer liabilities. They typically act as investors in the business and also pay fewer taxes because they have a more tangential role in the company.

Pros of Limited Partnership

• An LP is a good option for raising money because investors can serve as limited partners without personal liability.
• General partners get the money they need to operate but maintain authority over business operations.
• Limited partners can leave anytime without dissolving the business partnership.

Cons of Limited Partnership

• General partners are personally responsible for the business’s debts and liabilities.
• More expensive to create than a general partnership and requires a state filing.
• A limited partner may also face personal liability if they inadvertently take too active a role in the business.

Multi-owner businesses that want to raise money from investors often do well as LPs because investors can avoid liability. You might come across yet another business entity structure called a limited liability partnership (LLP). In an LLP, none of the partners have personal liability for the business, but most states only allow law firms, accounting firms, doctor’s offices, and other professional service firms to organize as LLPs. These types of businesses can organize as an LLP to avoid each partner being liable for the other’s actions. For example, if one doctor in a medical practice commits malpractice, having an LLP lets the other doctors avoid liability.

C-Corporation

A C-corporation is an independent legal entity that exists separately from the company’s owners. Shareholders (the owners), a board of directors, and officers have control over the corporation, although one person in a C-corp can fulfill all of these roles, so it is possible to create a corporation where you’re in charge of everything. This being said, with this type of business entity, there are many more regulations and tax laws that the company must comply with. Methods for incorporating, fees, and required forms vary by state.

Pros of C-corporation

• Owners (shareholders) don’t have personal liability for the business’s debts and liabilities.
• C-corporations are eligible for more tax deductions than any other type of business.
• C-corporation owners pay lower self-employment taxes.
• You have the ability to offer stock options, which can help you raise money in the future.

Cons of C-corporation

• More expensive to create than sole proprietorships and partnerships (the filing fees required to incorporate a business range from $100 to $500 based on which state you’re in).
• C-corporations face double taxation: The company pays taxes on the corporate tax return, and then shareholders pay taxes on dividends on their personal tax returns.
• Owners cannot deduct business losses on their personal tax returns.
• There are a lot of formalities that corporations have to meet, such as holding board and shareholder meetings, keeping meeting minutes, and creating bylaws.
Most small businesses pass over C-corps when deciding how to structure their business, but they can be a good choice as your business grows and you find yourself needing more legal protections. The biggest benefit of a C-corp is limited liability. If someone sues the business, they are limited to taking business assets to cover the judgment—they can’t come after your home, car, or other personal assets. This being said, corporations are a mixed bag from a tax perspective—there are more tax deductions and fewer self-employment taxes, but there’s the possibility of double taxation if you plan to offer dividends. Owners who invest profits back into the business as opposed to taking dividends are more likely to benefit under a corporate structure.

S-Corporation

An S-corporation preserves the limited liability that comes with a C-corporation but is a pass-through entity for tax purposes. This means that, similar to a sole prop or partnership, an S-corp’s profits and losses pass through to the owners’ personal tax returns. There’s no corporate-level taxation for an S-corp.

Pros of S-corporation

• Owners (shareholders) don’t have personal liability for the business’s debts and liabilities.
• No corporate taxation and no double taxation: An S-corp is a pass-through entity, so the government taxes it much like a sole proprietorship or partnership.

Cons of S-corporation

• Like C-corporations, S-corporations are more expensive to create than both sole proprietorships and partnerships (requires registration with the state).
• There are more limits on issuing stock with S-corps vs. C-corps.
• You still need to comply with corporate formalities, like creating bylaws and holding board and shareholder meetings.
In order to organize as an S-corporation or convert your business to an S-corporation, you have to file IRS form 2553. S-corporations can be a good choice for businesses that want a corporate structure but like the tax flexibility of a sole proprietorship or partnership.

Limited Liability Company (LLC)

A limited liability company takes positive features from each of the other business entity types. Like corporations, LLCs offer limited liability protections. But, LLCs also have less paperwork and ongoing requirements, and in that sense, they are more like sole proprietorships and partnerships. Another big benefit is that you can choose how you want the IRS to tax your LLC. You can elect to have the IRS treat it as a corporation or as a pass-through entity on your taxes.

Pros of LLC

• Owners don’t have personal liability for the business’s debts or liabilities.
• You can choose whether you want your LLC to be taxed as a partnership or as a corporation.
• Not as many corporate formalities compared to an S-corp or C-corp.

Cons of LLC

• It’s more expensive to create an LLC than a sole proprietorship or partnership (requires registration with the state).
LLCs are popular among small business owners, including freelancers, because they combine the best of many worlds: the ease of a sole proprietorship or partnership with the legal protections of a corporation.

At the end of the day, hiring Attorney Jeremy Eveland to draft a business succession plan in Orem, Utah is a wise decision. With his extensive experience, knowledge, and commitment to providing the best legal solutions, clients can be assured that their business succession plan will be drafted with the utmost care and consideration. Jeremy is committed to providing the best legal advice and is available to answer any questions or concerns clients may have. With Jeremy’s help, clients can feel confident in their business succession plan and the future of their business.

Orem, Utah

From Wikipedia, the free encyclopedia

Orem, Utah
City
Orem City Center
Flag
Nickname: Family City USA
Location in Utah County and the state of Utah
Coordinates: 40°17′56″N 111°41′47″WCoordinates: 40°17′56″N 111°41′47″W
Country	United States
State	Utah
County	Utah
Settled	1877
Town charter granted	May 5, 1919
Named for	Walter C. Orem
Government
• Mayor	David Young
• Spokesman	Steven Downs
• City Manager	James P. Davidson^[2]
Area
• Total	18.57 sq mi (48.10 km²)
• Land	18.57 sq mi (48.10 km²)
• Water	0.00 sq mi (0.00 km²)
Elevation	4,774 ft (1,455 m)
Population (2020)
• Total	98,129^[1]
• Density	5,267.22/sq mi (2,033.67/km²)
Time zone	UTC-7 (Mountain (MST))
• Summer (DST)	UTC-6 (MDT)
Area codes	385, 801
FIPS code	49-57300^[3]
GNIS feature ID	1444110^[4]
Website	www.orem.org]

Orem is a city in Utah County, Utah, United States, in the northern part of the state. It is adjacent to Provo, Lindon, and Vineyard and is approximately 45 miles (72 km) south of Salt Lake City.

Orem is one of the principal cities of the Provo-Orem, Utah Metropolitan Statistical Area, which includes all of Utah and Juab counties. The 2020 population was 98,129,^[1] while the 2010 population was 88,328^[5] making it the fifth-largest city in Utah. Utah Valley University is located in Orem.

Orem, Utah

About Orem, Utah

Orem is a city in Utah County, Utah, United States, in the northern part of the state. It is adjacent to Provo, Lindon, and Vineyard and is approximately 45 miles (72 km) south of Salt Lake City.

Neighborhoods in Orem, Utah

Orem Park, Windsor South, Orem South, Windsor North, Cascade, Orem City Neighborhoods Prog, Aspen, Geneva, Sharon, Scera Park North, Orem City Community & Neighborhood, Orchard South, Westmore, Suncrest, Orem, Orem Community Park, Mount Timpanogos Park, Cemetery Field, Westmore Park, Bonneville Park

Things To Do in Orem, Utah

Nielsen's Grove Park

The All-Together Playground

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4.7 ()

Mount Timpanogos Park

Nickel City

Orem Heritage Museum

Scera Park

SCERA Center for the Arts

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4.9 ()

Red Giant Escape Rooms

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4.3 ()

Hang Time Adventure Park

Escapes in Time

Palisade Park

Bean Life Science Museum

Provo Canyon

Classic Skating & Fun Center

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4.6 ()

BYU Museum of Paleontology

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4.9 ()

Roots of Knowledge at Utah Valley University

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4.8 ()

Brigham Young University Museum of Art (MOA)

Evermore Park

The Orchard

Loveland Living Planet Aquarium

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Map of Orem, Utah

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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.

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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.

West Valley City, Utah

From Wikipedia, the free encyclopedia

West Valley City, Utah
City
City of West Valley City
The Maverik Center in West Valley City, home of the Utah Grizzlies ice hockey team.
Seal
Motto: “Progress as promised.”^[1]
Location within Salt Lake County
West Valley City Location within Utah Show map of UtahShow map of the United StatesShow all
Coordinates: 40°41′21″N 111°59′38″WCoordinates: 40°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 ^[3]
• 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 (2020)^[4]
• 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 Electric, Honeywell, IBM, Marriott, Microsoft, Pepsi 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 dictatorships, monarchies, 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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