An attorney, also known as a lawyer, in the state of Utah is a professional who is trained and licensed to practice law. This professional provides legal advice and services to clients, including representing them in courts, transactions and other legal proceedings. Attorneys are regulated by the bar associations of the states in which they practice. In Utah, the Utah State Bar oversees the regulation and licensure of attorneys.
The term “attorney” is derived from the Latin word “advocatus”, which means “one who pleads the cause of another”. An attorney is an advocate for their clients, the ones whom they represent in court. Attorneys are qualified to act on behalf of their clients in a variety of legal matters. In the United States, attorneys are generally divided into two main groups: solicitors and barristers.
In other parts of the world, the term “solicitor” is used. Solicitors are the attorneys who work in legal offices, providing legal advice to their clients. They are involved in the administration of legal cases, including filing documents, interviewing witnesses and representing their clients in court. Solicitors typically do not appear in court themselves, but rather act as advisors to their clients. The word solicitor is not used in Utah.
In Great Britain you will hear about “barristers.” Barristers are the attorneys who represent their clients in court proceedings. They are typically involved in more complex legal matters and may also provide advice to their clients on legal matters. Barristers have the power to act on behalf of their clients in court proceedings and are the ones responsible for presenting the case to the court. In Utah you won’t hear the word barrister used.
In order to become an attorney, a person must have a degree in law. In the United States, this is typically a Juris Doctor degree or JD. This is a three year professional degree, which requires a certain amount of legal education. After graduating, a person must then take and pass the bar exam in the state in which they wish to practice law. Once a person has passed the bar exam, they are then allowed to practice law as an attorney. In Utah, in order to practice law, you must attend a law school that is accredited by the American Bar Association or ABA. If you attend and graduate from an unaccredited law school, you will not be able to obtain a law license in Utah.
In the state of Utah, attorneys are regulated by the Utah State Bar. This is the organization responsible for ensuring that attorneys abide by the rules and regulations of the legal profession. The Utah State Bar also provides resources and information for attorneys, including a directory of attorneys, a lawyer search tool, and a list of continuing education resources.
Attorneys provide a number of services to their clients. These services include providing legal advice, drafting legal documents, representing clients in court proceedings, and providing representation in transactions. Attorneys also have the ability to act as attorneys-in-fact, meaning that they can act on behalf of their clients in matters where they are not personally involved. This is a very important role in the legal profession, as it allows attorneys to provide legal advice and services to their clients without having to be physically present.
I essence, an attorney in the state of Utah is a professional who is trained and licensed to practice law. Attorneys provide legal advice and services to their clients, including representing them in courts, transactions and other legal proceedings. Attorneys are regulated by the Utah State Bar and must have a degree in law before they are allowed to practice. Attorneys provide a number of services to their clients, including providing legal advice, drafting legal documents, representing clients in court proceedings, and acting as attorneys-in-fact.
History of Attorneys
The legal profession has come a long way since its first introduction in the United States. Legal services were initially offered by general practitioners, but with the growth of the legal profession, more specialized legal education and training was required to practice law. In the 21st century, legal services are offered by a variety of legal professionals, from barristers to city attorneys, and from law school graduates to civil law notaries.
The history of the legal profession began in the United States in the early 1800s. At the time, legal advice was provided by general practitioners, who typically held a law degree and had experience in a variety of legal matters. However, as the legal profession began to evolve, there was a need for more specialized legal services. As such, many countries began to require that practitioners pass a bar examination in order to practice law. In the United States, for example, the bar examination was first established in 1820 and is still in use today.
Brian Walsh, an attorney based in New York, is one of the legal profession’s most influential figures. He was the first to propose the idea of a law school that would provide legal education to those seeking to practice law. His proposal led to the establishment of the first law school in the United States, Columbia University Law School. From there, the idea of legal education spread to other parts of the country, and soon there were a number of law schools in the United States.
In addition to legal education, the legal profession also began to develop its own set of rules and regulations, such as the attorney-client privilege. This privilege is designed to protect the confidentiality of communications between attorneys and their clients. It is important for attorneys to understand and adhere to the attorney-client privilege in order to ensure that the rights of their clients are protected.
With the development of legal education and the growth of the legal profession, the number of legal professionals began to grow, and many began to practice law in private practice. In addition, many law firms began to establish legal directories, which provided potential clients with information about the services offered by law offices and the qualifications of the legal professionals working in those offices.
Today, the legal profession is an ever-evolving field. In addition to the traditional areas of law, such as criminal, family, and corporate law, there are now a variety of specialized areas, such as intellectual property, securities, and antitrust law. As such, legal professionals must also be knowledgeable about the latest developments in the legal field in order to provide their clients with the best legal advice and services possible.
In addition, the legal profession has also seen the emergence of in-house counsel. These are attorneys who are employed by corporations to provide legal advice and services to the company. This has become an increasingly important part of the legal profession, as corporations have come to rely more heavily on legal advice and services.
Finally, the legal profession has also seen the emergence of fashionable words, such as “legal counsel” and “legal education”. These terms are used to refer to the services provided by attorneys and other legal professionals. They are also used to describe the different areas of the legal profession, such as the legal education offered by law schools and the legal directories created by law firms.
As you can see, the legal profession has come a long way since its first introduction in the United States. Today, the legal profession includes a variety of legal professionals, from barristers to city attorneys, and from law school graduates to civil law notaries. In addition, there are a variety of specialized areas of law, such as intellectual property and securities law, for legal professionals to specialize in. Finally, the legal profession has also seen the emergence of fashionable words, such as “legal counsel” and “legal education”, which are used to refer to the services provided by attorneys and other legal professionals.
Attorney Consultation
When you need legal help from a business lawyer in Utah, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
What Are The Advantages Of Hiring A Business Lawyer?
Hiring a business lawyer can be a huge advantage, especially when it comes to making sure that all of your business dealings are legal and compliant with local, state, and federal laws. Business lawyers can provide invaluable advice when it comes to drafting contracts, forming partnerships, and negotiating deals. They can also provide guidance on issues such as intellectual property, taxation, and employee relations.
In Utah, business lawyers have the ability to provide counsel on the state’s unique laws and regulations. For example, Utah’s Anti-Discrimination and Fair Employment Act requires employers to abide by certain regulations when it comes to hiring and firing employees, and business lawyers can help ensure that employers are in compliance with the law. Business lawyers are also knowledgeable about the Utah Franchise Act, which establishes the relationship between a franchisor and its franchisees.
Business lawyers can also help business owners develop strategies for minimizing their risk and avoiding legal disputes. This can include reviewing proposed contracts, identifying potential areas of litigation, and assessing the potential risks associated with various business transactions. In the event of a dispute, business lawyers can provide legal representation, ensuring that the interests of their clients are protected.
Finally, business lawyers can provide invaluable advice when it comes to developing business plans and marketing strategies. They can help entrepreneurs identify the most effective and efficient ways to achieve their business goals. They can also provide advice on how to structure the business, including what type of entity to use and how to maintain operational efficiency.
Overall, hiring a business lawyer can be a great asset to any business, as they can provide a wealth of knowledge and experience to help business owners succeed. Not only can they help ensure that business dealings are compliant with the law, but they can also provide invaluable advice on how to develop and execute successful business strategies.
Drafting Contracts and Agreements
You want a business lawyer to draft contracts and agreements. A business attorney is essential when it comes to drafting contracts and agreements. Contracts and agreements are the foundation of any business, and having a well-drafted agreement in place can protect a company from potential legal issues. A business attorney can provide invaluable legal counsel and ensure that all of the necessary details have been adequately addressed. A business attorney can also help to ensure that the contracts and agreements are in compliance with applicable laws and regulations.
Having a business attorney draft contracts and agreements can provide peace of mind and provide a level of security for a business. A business attorney can help to ensure that all parties involved in a contract or agreement understand the terms and conditions, and can provide protection against potential conflicts. Additionally, a business attorney can provide advice on how to best structure a contract or agreement to protect the interests of the company and to ensure that the terms and conditions are reasonable and in the best interests of the company.
Furthermore, business attorneys are well-versed in the intricacies of contract law, and can help to ensure that all contracts and agreements are enforceable. This is especially important when entering into contracts with other businesses or individuals, as having a legally-binding agreement can help to protect the interests of the company.
Advising On Business Compliance and Regulations
A business owner needs a business attorney for many reasons, but one of the most important is to ensure that the business is compliant with applicable laws and regulations. Many laws and regulations are complex and can be difficult to understand without the help of a knowledgeable legal professional. A business attorney can advise the business owner on the relevant laws that apply to their business, help them understand their obligations, and ensure that the business is in compliance. This can help the business owner avoid costly fines and other penalties associated with non-compliance.
A business attorney can also help the business owner draft contracts and agreements, such as leases, employment contracts, and vendor contracts. Having a legal professional review these documents can help the business owner avoid potential disputes and ensure that the terms written are legally binding. In addition, a business attorney can provide advice on potential business opportunities, such as mergers, acquisitions, or business expansions. This can help the business owner make informed decisions and ensure that the business is properly structured and protected.
A business attorney can also provide guidance on the various tax and accounting requirements associated with running a business. This can help the business owner ensure that the business is properly registered, understands the requirements for filing taxes, and understands the various deductions and credits that may be available.
Overall, a business attorney is an invaluable resource for business owners. By having a legal professional to advise on compliance and regulations, draft contracts, and provide guidance on tax and accounting, a business owner can ensure that their business is properly structured and in compliance with all applicable laws. This can help to protect the business and its owners from potential legal issues and provide the peace of mind that comes with knowing that their business is properly structured and protected.
Representing Businesses In Court
When running a business, it is important to have a reliable business attorney to represent your business in court in Utah. Under current Utah law, an owner of a business cannot represent a business entity in court (unless the owner is a licensed attorney). A business attorney can provide valuable insights and advice to help you navigate the complexities of legal proceedings. Not only can they provide legal advice, but they can also advise you on legal strategies, help you protect your rights, and serve as your advocate in court.
Having a business attorney can help ensure that your business transactions are handled properly and legally. They can help you draft legal documents and contracts, represent you in court, and help you settle any legal disputes that could arise. A business attorney will also be able to provide guidance on matters related to taxation, insurance, licensing, and other business-related matters.
Additionally, a business attorney can help protect your business’s interests by ensuring that all contracts and agreements are properly executed and that all legal obligations are met. Furthermore, a business attorney can represent your business in court. This means that they can help you present your legal arguments and negotiate a settlement if a dispute arises.
Having a business attorney can provide peace of mind for business owners in Utah. A business attorney will be familiar with the state’s laws, which can provide you with the assurance that your business is following the proper legal procedures. They can also provide you with an extra layer of protection if a lawsuit is filed against your business.
It is essential for business owners to have a reliable business attorney to represent their business in court in Utah. Not only can they provide legal advice and representation, but they can also help protect your rights and interests when it comes to business transactions and legal disputes.
Resolving Disputes With Other Businesses Or Individuals
A business attorney is essential for any business that wishes to protect itself from disputes with other businesses or individuals. A business lawyer can provide vital legal advice and representation in order to help protect the business’s interests. A business attorney can also help a business to resolve any disputes that arise with other businesses or individuals in an effective and efficient manner.
A business attorney can assist a business in drafting contracts, including employee contracts, sales agreements, and other contractual agreements. They can also help to review and negotiate contracts on behalf of the business. A business attorney can provide the legal expertise to ensure that all parties are in agreement with the contract and that it is legally binding.
A business attorney can also provide advice and representation to a business in the event of a dispute. If a dispute arises, a business attorney can provide legal representation to the business and can help to protect the business’s interests and reduce the risk of financial loss. A business attorney can also help to negotiate a settlement between the parties or represent the business in court.
A business lawyer can provide advice and counsel on compliance with the various laws and regulations that apply to a business. A business attorney can ensure that a business is in compliance with all applicable laws and regulations, which can help to protect the business from legal action.
A good business attorney can provide invaluable assistance to a business in resolving disputes and protecting the business’s interests. A business attorney can provide legal advice, representation, and compliance with the law. A business attorney is essential for any business that wishes to protect itself from disputes with other businesses or individuals.
Business Lawyer Consultation
When you need legal help from a Business Attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
A business transaction lawyer is a legal professional who provides advice and guidance to businesses on a variety of matters related to transactions. This includes everything from contract negotiations to compliance with local, state, and federal laws and regulations. This is a part of transactional law. Business transaction lawyers are responsible for ensuring that the business is compliant with applicable laws and regulations and that the company’s contracts are legally binding. They also advise clients on the best practices for negotiating, drafting, and implementing contracts. Additionally, business transaction lawyers are responsible for ensuring that the business is in compliance with all applicable tax laws and regulations.
Business transaction lawyers are also responsible for providing legal advice and counsel to businesses during the acquisition and sale of assets, mergers, reorganizations, and other corporate transactions. This includes advising on the terms and conditions of the transaction, conducting due diligence, and negotiating and drafting any necessary documents. This is very important in construction law. Additionally, business transaction lawyers must be knowledgeable about the laws and regulations that apply to the specific industry and the geographic region in which the business operates.
Business transaction lawyers assist businesses in a variety of other areas as well. These include providing advice on labor and employment laws, antitrust laws, environmental laws, intellectual property laws, and other legal issues. They also provide advice on corporate governance, corporate restructuring, and other matters for clients which consist of partnerships, LLCs, corporations, sole proprietorships, etc.
Are Business Transaction Lawyers in Demand?
If you’re one of the people who often ask this question, then this will definitely benefit you also if you want to be a lawyer. Corporate Law is a popular choice since it offers many opportunities. This is the corporate period. In recent decades, the company’s corporate industry has seen phenomenal expansion. Consequently, many new job paths have opened up for individuals, making business law famous.
The overall demand for business lawyers has gradually increased over the years and this is due to the fact that they ensure the legality of different activities going on within a business. A company cannot really survive without a business lawyer’s help, and that is why they are always high in demand in almost any and all sectors of business. Business lawyers are individuals who are organized and well aware of the needs of their clients.
A business lawyer should also be tech-savvy, a good negotiator with excellent communication skills, and a deal makers in today’s world. Moreover, a business lawyer should also be well-aware of the recent trends going on within the world and coming up with strategic plans is also a part of their job to succeed.
In December 2015 the Bureau of Labor Statistics (BLS) predicted that, ‘Competition for jobs should continue to be strong because more students are graduating from law schools each year than there are jobs available out there. The growth in population and general business activity is creating more legal transactions and generating increased need for legal services in a wide range of areas including health care, environmental issues, intellectual property, mediation, and antitrust. Countering this demand, however, is the capacity of large accounting firms and paralegals to perform some of the same functions as lawyers. As a result, lawyers are increasingly finding work in less traditional roles for which legal expertise is valuable, though not typically required. These roles include managerial, business, and administrative positions with banks; insurance and real estate companies; and government agencies. The majority of these opportunities are with larger firms in urban areas where corporations tend to centralize their operations. It’s not as simple as changing your practice area once your career has been established. If you’re starting your own law firm straight out of law school you’ll need to choose your practice area. Believe it or not, this is an incredible opportunity. You get the chance to chart the course of your career. The number of self-employed lawyers is expected to grow slowly, due to both competition from established firms and the costs associated with sustaining an independent legal practice.
Lawyers wishing to work independently should look to the less competitive legal markets of smaller towns and suburban areas. Some graduates may jumpstart their careers by joining legal staffing firms which place lawyers in short-term jobs. Willingness to relocate and take another state’s bar exam, as well as experience in specialty areas such as tax, patent, immigration, or copyright will improve law school graduates’ employment prospects. Law firms experienced rate and demand increases in 2021 at levels not seen in over a decade, but should moderate their expectations somewhat for coming years.
Lawyer rates grew 6.5% and demand increased 6.6%, in the first three quarters of the year over 2020, according to Citi Private Bank Law Firm Group and Hildebrandt Consulting’s latest annual client advisory. The report said the leap in rates and demand is still akin to pre-2007 increases for law firms, even when measured against 2019, before COVID-19 first hit the economy Average revenue grew 14.7% in the first nine months of 2021 over the same period of 2020, the advisory said. While firms saw higher demand and revenue, the delay in returning to the office meant that many didn’t face as much pressure from operating expenses, according to the report.
Growth in demand for law firm work hit highs in 2021 and the demand grew by 6.6% in the first nine months of 2021 over the same time span last year, while firms saw higher demand and revenue, the delay in returning to the office meant that many didn’t face as much pressure from operating expenses, according to the report.
Law firms pushed off plans to more fully reopen offices across the country this year as the pandemic continued and the expected operating expense increase as lawyers go back to work in-person will “put pressure on margins” and “make the whole focus on revenue growth an imperative”. That will make firms home in on getting more work and making sure they are collecting. Firms will likely see “softer growth results,” next year than they did in 202. While operating expenses only ticked up by 3% in the first nine months of the year, compensation expenses grew 14%, according to reports.
Firms have been battling for talent to handle the demand growth, particularly in transactional practices. They’ve used tactics like hiking pay and handing out extra bonuses to recruit and retain associates. Another “huge challenge” firm’s face is how to develop and retain their valuable associates in a hybrid work model, the advisory said. Many firms plan to have their lawyers combine in-person and remote work in 2023 and beyond.
What Do Business Lawyers Do?
Business lawyers are in charge of completing various tasks within a business which may include drafting contracts be it for employees, vendors, or customers. They must follow the law and moreover, they also protect you and your business intellectual property, such as inventions, logos, trade secrets, and more. Business lawyers also handle leases as well as agreements. They make sure to draft stuff in a manner that follows the law. All in all, business lawyers work in a favorable way for their clients.
With that being said, there’s still a way for small business owners to access some legal forms they might need in different stages of their business. Services like Stand with Main Street, for instance, offer a wealth of documents that both clients and lawyers find useful. You can find a bunch of files like confidentiality agreements, contracts, DBA registration, stock certificates, and more, but still, if you think you need personalized consultations and additional services, then a business lawyer would be a valuable asset to you. A business lawyer needs to research different aspects of a business and make sure it follows the law. If it doesn’t, then it could cause disasters for a business resulting in its downfall.
Yes. According to the Economic Report 2021-2022, the number of new enterprises produced increased by 80% in 2020, placing America first in new company creation. 4.35 million Requests to start a new company were made in the United States, while 1, 13,000 new enterprises were established in the United Kingdom alone in 2022. A qualified corporate lawyer is required for every new firm that enters the market due to the legal assistance necessary throughout the business’s lifespan. Lawyers are involved in every significant business transaction and will soon have a place at the table. Lawyers not only cure corporate issues but also prevent them. As a result, lawyers’ reliance is relatively high, and they are continuously on the lookout for professionals in this sector.
Additionally, because of all the legal assistance required, corporate attorneys are viewed nearly as partners in the firm and are handsomely compensated. A firm’s lawyer gets required throughout the lifetime of any significant decision. As a result, trust is strong, and businesses are constantly searching for qualified lawyers to assist them. Lawyers are both issue solvers, crisis stoppers and crisis preventers. Many individuals choose to work as business attorneys because of the great need for their services. Furthermore, corporate law gets regarded as one of the most rewarding professions for the reasons listed: Your financial situation
Corporate law is for you and your business if you want to earn a lot of money. Lawyers get compensated generously based on their expertise and knowledge in the field. The longer you stay on the pitch, the higher your market worth. You may bargain your way to a highly lucrative job because there is a need. A corporate lawyer receives a fee based on their work transactions and the baseline compensation.
Why Are Good Business Transaction Attorneys High In Demand?
Business lawyers are high in demand for several reasons. The state of Utah and the United States is based on a capitalistic environment where entrepreneurship, business, production, and innovation is constant and necessary. We live in an ever-growing world in which everyone wants to become the best wherever they are or find themselves. Many businesses are being formed that earn lots of bucks and successfully operate in the entire world and this cannot be possible without the help of a business lawyer. The more businesses are coming into the picture, the increase in demand for business lawyers.
Moreover, since there has been a massive setback for businesses due to the COVID-19 pandemic, businesses are now looking for ways to get back on their feet and stand firm. They went through a huge loss, and this is why they are hiring more corporate lawyers. Lawyers have recently stated that they are receiving more client calls as well as queries. They have increased by 25% compared to before and this goes for all small as well as large international businesses.
Business Transaction Lawyer Salt Lake City Utah Consultation
When you need legal help from a Business Transaction Lawyer in Salt Lake City Utah, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).
Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12]
Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18]
Salt Lake City is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,746,164, making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin.
Business transaction lawyers provide a wide range of legal services that focus on the legal needs of businesses and other organizations. A business transaction lawyer is a lawyer that specializes in areas such as corporate law, contracts, finance, property, tax, and employment law. Business transaction lawyers provide legal advice and counsel to their clients in order to ensure that all legal aspects of a business transaction are handled properly. Business transaction lawyers also assist in the resolution of disputes that may arise from business transactions.
Business transaction lawyers may work for a law firm, or they may be employed by a company or other organization. In some cases, business transaction lawyers may work from their own offices. Business transaction lawyers may work in many different sectors and locations, including London, Houston, New Jersey, and other locations in the United States. Business transaction lawyers may practice in many different areas of law, including corporate law, contract law, finance, property, tax, and employment law. When you need a Business Transaction Lawyer in Salt Lake City Utah you should give us a call at (801) 613-1472.
Business transaction lawyers may also provide legal advice and counsel to clients on a variety of matters, including business transactions, contract agreements, and dispute resolution. They may also provide legal advice on the use of technology in business transactions, as well as on estate planning, debt recovery, and capital markets. Business transaction lawyers may also provide counsel on areas such as intellectual property, commercial law, employment law, and data protection.
Business transaction lawyers may specialize in certain sectors, such as banking, healthcare, energy, media, real estate, and life sciences. A business transaction lawyer may also provide legal counsel to clients in other specialist sectors, such as financial institutions, financial services, construction, and dispute resolution. Business transaction lawyers may also provide legal advice for companies and other organizations that are involved in transactional law, such as mergers and acquisitions, corporate restructuring, and franchise agreements.
Business transaction lawyers may also provide legal advice to clients on matters such as limited liability companies, liquidated damages, and contractual agreements. Business transaction lawyers may also provide advice to clients on matters such as sourcing, counsel, and due diligence in business acquisitions. They may also provide legal counsel to clients on matters such as breaching of contracts, remedies, and remedy.
Business transaction lawyers may have offices located in the United Kingdom, the United States, or other countries. Some business transaction lawyers may also have offices located in multiple locations around the world. Business transaction lawyers may also have a head office located in one location, such as London, and then have offices located in other locations, such as Houston, New Jersey, or other countries.
Business transaction lawyers may also provide legal advice to clients on a variety of other matters, such as ESG, legal outlook, private equity, and legal services. Business transaction lawyers additionally implements legal counsel to clients on a variety of other matters, such as business transactions, dispute resolution, transactional law, and legal advice. Business transaction lawyers may also provide legal advice to clients on a variety of other matters, such as transactional lawyers, financial services, and dispute resolution. Business transaction lawyers may also provide legal counsel to clients on a variety of other matters, such as transactional law, corporate law, employment law, and contract law.
In addition to providing legal advice and counsel, business transaction lawyers may also provide clients with a range of other services, such as legal research, drafting of documents, and negotiation of contracts. Business transaction lawyers may also provide clients with a range of other services, such as legal analysis, legal document preparation, and dispute resolution. Business transaction lawyers may also provide clients with a range of other services, such as legal education and training, and legal representation.
Business transaction lawyers may also provide clients with a variety of other services, such as advice on mergers and acquisitions, capital markets, and debt recovery. Business transaction lawyers may also provide clients with a variety of other services, such as advice on corporate restructuring, sourcing, and due diligence. Business transaction lawyers may also provide clients with a variety of other services, such as advice on franchising, liquidated damages, and contractual agreements.
The Law For Businesses
Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow. A savvy businessperson will be generally familiar with business laws and know when to seek the advice of a licensed attorney. Business law includes state and federal laws, as well as administrative regulations. Let’s take a look at some of the areas included under the umbrella of business law. Much of business law addresses the different types of business organizations. There are laws regarding how to properly form and run each type. This includes laws about entities such as corporations, partnerships and limited liability companies. There are many laws that concern managing a business because there are many aspects involved in managing. As you can already see, running a business will involve a lot of employment law and contract law.
While Utah has not yet adopted the Uniform Deceptive Trade Practices Act, the state has enacted several statutes within its Consumer Protection and Criminal sections that prohibit sellers from intentionally misleading buyers. These laws prohibit everything from mislabeling food products to altering a used car’s odometer. Utah’s laws prohibiting deceptive trade practices are generally limited to prosecuting scams after they happen. Therefore, consumers must do their best to avoid these swindles before they happen. A state consumer protection office can give you the most up-to-date information on local scams, and receive reports about a person or local business engaging in deceptive business practices. State deceptive trade statutes can be as confusing. If you would like legal assistance regarding a consumer fraud or a possible deceptive trade practices matter, you can consult with a Utah consumer protection attorney. In Utah, pyramid and Ponzi schemes are illegal under the Pyramid Scheme Act. A pyramid scheme is a sales device or plan where a person makes what is essentially a worthless investment that is contingent upon procuring others who must also invest and procure other investors, thereby perpetuating a chain of people. The Beehive State outlaws participating in, organizing, establishing, promoting, or administering a pyramid scheme. Pyramid or Ponzi schemes are also considered deceptive acts or practices prohibited under Utah’s Consumer Sales Practices Act. The following is a quick summary of Utah pyramid and Ponzi scheme laws.
Utah Pyramid and Ponzi Scheme Laws
What is prohibited: Knowingly participating in, organizing, establishing, promoting, or administering a pyramid scheme. Knowingly organizing, establishing, promoting, or administering a pyramid scheme is a third-degree felony punishable by up to 5 years in prison and up to $5,000 in fines. Knowingly participating in a pyramid scheme and receiving compensation for procuring other investors is a Class B misdemeanor punishable by up to 6 months in prison and up to $1,000 in fines. An injured party may file an action to recover damages and the court may also award interest, reasonable attorney’s fees, and costs. A pyramid or Ponzi scheme is also a deceptive act or practice and under the Consumer Sales Practices Act, the Division of Consumer Protection may issue a cease-and-desist order and impose up to $2,500 in administrative fines for each violation. The Division of Consumer Protection may also seek a restraining order or injunction to stop a pyramid or Ponzi scheme. If the injunction is violated, the court may impose up to $5,000 each day in fines for each violation.
Wage and hour laws help ensure that employees are paid a fair wage by providing them with certain rights. The federal wage and hour laws are contained in the Fair Labor Standards Act (FLSA), and provide minimum standards that the state laws may not dip below. States have the power to enact their own wage and hour laws, as long as the state law doesn’t violate the federal FLSA. Utah has chosen to enact its own minimum wage rule, and the following chart provides a brief overview of this law.
Utah’s minimum wage law doesn’t apply to the following workers:
• Any employee entitled to a Federal minimum wage as provided in 29 U.S.C. Sec. 201 et seq. of the FLSA
• Outside sales persons
• Employee who are members of the employer’s immediate family
• Employees who provide companionship services to people who (because of age or infirmity) aren’t able to care for themselves
• Casual and domestic employees
• Seasonal employees of nonprofit camping programs, religious, or recreational programs, and nonprofit or charitable organizations
• Employees of the USA
• Prisoners employed through the prison system
• Agricultural employees who mainly produce livestock, harvest crops on a piece rate basis, worked as an agricultural employee for less than 13 weeks during the previous year, or retired and performs incidental work as a condition of residing on a farm
• Registered apprentices or students employed by their educational institution, or
• Seasonal hourly employees employed by a seasonal amusement park
Employing Minors
A “minor” is any person under 18 years old. In Utah, a minor employee must be paid at least $4.25 per hour for the first 90 days working for a particular employer, and then the minor must be paid a minimum wage of $7.25 per hour.
Tipped Employees
A “tipped employee” is a worker who regularly receives tips from customers. For example, waiters and waitresses are traditionally tipped employees. An employer may credit tips received by tipped employees against the employer’s minimum wage obligation. An employee must receive at least $30.00 in tips per month before the credit is allowed. Tipped employees can be paid as little as $2.13 per hour, so long as this base pay combined with the employee’s tips equals at least $7.25 per hour.
Additional information about tipped employees
• Service charges that are imposed on a customer don’t qualify as tips
• Tip pooling or sharing among employees who regularly receive tips qualifies
• Dishwashers, chefs, cooks, janitors, and other employees who don’t regularly receive tips from customers don’t qualify as tipped employees
Enforcement of the Minimum Wage
If an employer in Utah repeatedly violates the minimum wage law outlined above, that employer has committed a Class B misdemeanor. A Class B misdemeanor is punishable by up to six months in jail, and/or a fine of up to $1,000. An employee can bring a civil action against his employer in order to enforce his rights under Utah’s minimum wage laws. If the employee wins in court then he is entitled to injunctive relief and may recover the difference between the wage paid and the minimum wage, plus interest. If you’re an employee in Utah and feel that your employer has violated Utah’s state labor laws, you can file a claim with the Division of
Antidiscrimination and Labor
• A “workweek” can be any 168 consecutive hours. The FLSA allows employers to set their own workweek. Overtime hours must be paid at a rate of at least 1½ of the employee’s standard pay rate.
Utah Antitrust Laws
As consumers, we’re always wondering what’s going on behind the scenes in the “free market.” Are a few companies conspiring to set an inflated price? Or uniting to artificially control supply? And fellow businesses may wonder if their competitors are colluding in an effort to undercut competition. As long as the battle for sales is open, transparent, and above board, we’re generally okay with it. That’s why the State has strict laws created to make sure pricing is fair and to protect open markets. State antitrust laws prohibit companies gaining an unfair competitive advantage in the consumer market via collusion between companies. These laws will also try to avoid monopolies by blocking certain mergers and acquisitions as well. In order to enforce these provisions, Utah law allows private citizens, as well as the state attorney general, to bring lawsuits against companies for antitrust violations. If successful, a citizen may recover attorneys’ fees and the cost of the lawsuit.
Antitrust Enforcement
Along with Utah’s antitrust statutes, there are numerous additional business regulations designed to protect free trade and commerce. The United States government uses two federal statutes, the Sherman Act and the Clayton Act, to assist states in prosecuting antitrust claims by prohibiting any interference with the ordinary, competitive pricing system, as well as price discrimination, exclusive dealing contracts and mergers that may lessen competition. If you suspect a person or business has committed an antitrust violation, you can report it the Utah Attorney General’s Markets and Financial Fraud Division. As with many statutes covering corporate malfeasance, state antitrust laws can be as complicated as the conspiracies they are intended to prevent. If you would like legal assistance regarding an antitrust matter, or if you are interested in understanding the rules and regulations regarding your business, you can consult with a Utah antitrust attorney in your area.
Interest Rates Laws
States may craft their interest rate laws depending on the type of credit or loan involved. By restricting the amount of interest a creditor can charge, these laws are designed to help consumers avoid crippling debt and deter predatory lenders. Utah’s maximum interest rate is 10% absent a contract, and charging more than the legal rate, (known as “usury”) is a felony. Interest Rates on Judgments Federal post-judgment interest rate as of Jan. 1 of each year plus 2%; judgment on contract shall conform to contract and shall bear interest agreed to by parties The easiest way to prevent the financial pitfalls of high interest rate credit cards is to avoid credit card debt entirely. This is certainly easier said than done, but one of the best strategies for staying out of debt is to use a credit card responsibly and pay off the entire balance quickly — every month, if possible. For those already in significant credit card debt, there could be consumer protections under federal law that can help.
Utah Civil Statute of Limitations Laws
All states have developed laws to regulate the time periods within which a person can bring a civil action against another person or entity. These laws are called the “statutes of limitations.” If you sue after this time limit has run, your claim is barred and the defendant will automatically win. Read on to learn more about Utah’s civil statute of limitations laws. The time period to sue doesn’t start to run until the person knew or should have known they suffered harm and the nature of that harm. For example, a woman takes a fertility medication to have a child. Fifteen years later, she discovers her child has a reproductive system problem that didn’t show up until puberty and it’s discovered that all of the women who took this fertility medication have children with the same defect. She wasn’t warned of this possible problem until the child was older. The child’s time limit to sue for damages didn’t start when her mom first took the medicine, but when she discovered or reasonably should have discovered the related harm to her. However, if the drug company had a national campaign exposing the problem and contacted all former users to inform them of the problem, and the child, now an adult, still waited 15 more years to sue, it would probably be too late. This is called the “discovery of harm rule” and generally doesn’t apply to the most common personal injury claims, like car accidents and slip and falls.
Tolling the Statute of Limitations
The time period to sue can be extended for various reasons, based on the legal concept of “tolling.” Generally, being under the age of majority, 18 years old in Utah, or having a mental disability causes the clock to stop. If someone suffered from severe mental illness for many years and was harmed during this time, it would be unfair to expect him or her to have the mental capacity to sue. Medical Malpractice Two years after discovering or reasonably should have discovered the injury caused by health care provider, but not more than four years from the date of act, omission, neglect, or occurrence
Business transaction lawyers may also provide clients with a variety of other services, such as advice on mergers and acquisitions, corporate restructuring, and dispute resolution. Business transaction lawyers may also provide clients with a variety of other services, such as advice on legal outlook, ESG, and private equity. Business transaction lawyers may also provide clients with a variety of other services, such as legal research and analysis, legal document preparation, and legal representation.
Business Transaction Law
Overall, business transaction lawyers provide clients with a wide range of legal services and advice, such as those related to corporate law, contracts, finance, property, tax, and employment law. Business transaction lawyers may also provide clients with a variety of other services, such as legal analysis, legal document preparation, and dispute resolution. Business transaction lawyers may also provide a range of services related to transactional law, such as mergers and acquisitions, corporate restructuring, and franchising. Business transaction lawyers may also provide a range of services related to intellectual property, commercial law, employment law, and data protection.
Business Transaction Lawyer Consultation
When you need legal help with a business transaction in Utah, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
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:
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 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.
Do you need legal help with a succession plan for your business in West Valley City Utah? If you do, then you are at the right place. Attorney Jeremy Eveland helps businesses create succession plans for businesses and company owners in West Valley City UT. Call Jeremy Eveland today for your free business succession consultation at (801) 613-1472. Read this article for more information about business law.
Business succession involves transferring ownership, control, and management of a business from one generation to another. It can be accomplished through various methods such as stock transfers, wills, trusts, or other legal instruments. It is important to consult a lawyer or law firm to ensure that all necessary documents are prepared correctly. A will can outline how assets, including the option to purchase a business, should be distributed upon death. Life insurance policies and testamentary trusts can also be used for this purpose. An advanced directive, such as a living will, can provide instructions for health care decisions in case of incapacity, and personal liability protection can help protect family members from being held responsible for debts incurred by the deceased’s estate or business.
Proper business planning is essential for succession and includes creating employment contracts with key personnel who will take over management responsibilities, establishing retirement plans, purchasing appropriate insurance coverage, understanding intestacy laws (in case there is no valid will), and navigating probate proceedings if necessary. Finances must also be taken into account, including taxes on income generated by the company before its sale or transfer and any outstanding loans that need to be paid off at closing.
Succession planning requires careful consideration so that all parties involved feel secure about their future prospects within the organization when ownership changes hands, whether due to retirement, illness, disability, or death. This helps ensure continuity and financial stability during transition periods until new owners assume full responsibility for day-to-day operations.
Why Is Business Law So Important?
Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals. Every state defines its own set of regulations and laws for business organizations. Similarly, it is also the responsibility of the business concerns to know the existing rules and regulations applicable to them.
Importance of Business Law
Business law plays a vital role in regulating business practices in a country. Here are some points that prove why business law is so relevant:
Compensation Issues
Business law is essential to handle various compensation issues in an organization. A professional business attorney in Utah can help companies in settling issues related to compensation and salary management. It is the responsibility of the attorney to ensure that his or her client does not violate compensation and benefits laws at any cost. The consequences can be fatal in case of any discrepancies.
Safeguard the Rights of Shareholders
Business law plays a vital role when it comes to safeguarding the rights of a company’s shareholders. An experienced business law attorney can successfully handle such issues along with conflicts related to minority shareholders, constitutional documents, and resolution by arbitration, and more.
Business Formation
Business law plays the role of a foundation stone for any business concern. Establishing business includes a lot of legal processes, leasing, and permits. A business law attorney is well-versed with all the relevant regulations, and can help the concern establish its operations successfully.
What are the Functions of Business Law?
Every business concern, either large-scale or small-scale, is bound to comply with their respective legal regulations. Here are some significant functions of business law that can help you in understanding it better.
Includes laws related to business ethics, substantive law, procedural law, court system structure, and so on.
Business law entails the taxation system for different types of businesses.
The level of competition and antitrust are also involved.
Business law also includes regulations about employee rights and privileges, workplace safety, overtime rules, and minimum wages law.
It strives to alleviate the impact businesses have on the environment and nature. It aims to regulate pesticides, limit air and water pollution, chemical usage, and so on.
Business law determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities.
It also includes rights assignment, drafting, and work delegations, breach of contract, transactions, contracts, and penalties for violation of the agreement.
Business law defines laws related to business partnerships, entities, sole proprietorships, liability companies, and corporations.
It describes laws related to business and real property.
Business law analyses the overall impact of computer technology on other business domains.
Includes laws related to bankruptcy and governance of the securities.
Purposes and Functions of Business Law
The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes.3 min read
The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes when it comes to businesses and their interactions with individuals, government agencies, and other businesses.
Purposes and Functions of Law
Establishing standards identifies what types of behavior are and are not accepted in society. For example, damage to person or property is considered a crime because it is not tolerated by society.
Maintaining order is necessary for a civilized society.
Resolving disputes allows for the mitigation of issues that arise between those with different wants, needs, views, and/or values. The court system is the formal legal method for resolving disputes and consists of both state and federal courts. Disputes can also be resolved through alternative dispute resolution, which are official but less formal methods such as mediation and arbitration.
Protecting liberties and rights ensures each individual is allowed his or her constitutional rights, including freedom of speech and so forth.
In addition to these four core functions, the law serves many other specialized functions.
Business Law Background
This practice area includes regulations and statutes related to businesses, individuals, and families in their roles as workers, citizens, and consumers. As business becomes increasingly globalized, the business laws of various governments and nations may be in conflict. It’s important for business owners to understand how business law impacts commerce both domestically and abroad.
Business law standards include having expectations for following laws of other countries, distinguishing between unethical and legal behavior, and establishing social responsibility as a cornerstone of global citizenship. Most recently, new areas of business law must navigate the effects of modern technology. In fact, computer law is even a subspecialty within business law because of its importance in this realm.
Functions of Commercial Law
Commercial law, a branch of civil law, comprises governance of commercial and business transactions in both the public and private realms. Areas of commercial law include land and sea transportation, agent and principal, merchant shipping, insurance, partnership, guarantees, corporate contracts, sale and manufacture of consumer goods, hiring practices, and bills of exchange.
Commercial law has developed substantially over the years, but in general, it is designed to allow those engaged in business flexibility to administer their business within legal guidelines. Legislation in this area is designed to promote free trade.
Reforms to the commercial code focus on identifying and correcting inconsistencies and gaps in the law. Courts can also look to other legal systems to find remedies to complex legal issues. For example, recent updates focus on the impact of technology on these areas and how it affects business dealings. However, more restrictive trade practices have also been introduced in the modern era.
Business Law and Peace of Mind for Entrepreneurs
Basically, business law is a set of guidelines that all businesses should consider to guarantee that business transactions are done fairly and with knowledge of what’s going on. Business law can help business owners avoid legal disputes or mishaps that might otherwise have happened without their knowledge and which could’ve been costly to the business owner in terms of time, money, and resources.
Business laws cover a wide range of topics such as hiring employees, protecting employees’ rights, business contracts, business property rights, business taxation, and business law in general.
Business Laws Protect You from Mistakes
We all make mistakes now and then. But when it comes to business law, the consequences can be especially devastating if you don’t know what you’re doing or are negligent about looking into your options before taking a particular step that might lead to major setbacks that could be detrimental to your business.
Business laws are a crucial part of running a successful business. It is important to understand the rules and regulations that govern your industry, as well as the legal consequences you could face if you do not adhere to them.
While it is easy to pay attention only when something goes wrong, taking time out for some self-education can help you avoid many costly mistakes in the future. The most effective way to learn about business law is by reading up on it yourself. However, there are also plenty of books and online resources available that provide valuable insight into this field without requiring too much effort from your end.
Consequences of Failing to Understand Business Laws
You’ve built a business, and you’re doing well. But are you aware of the laws that could protect your business from legal issues? The problem is that many entrepreneurs don’t have time to read about all the different rules in each country they operate in. That’s why it’s crucial for every entrepreneur to stay up-to-date with local regulations and understand how these rules can affect their businesses.
As an entrepreneur, you may not realize how many laws there are that protect you and your business. Many entrepreneurs aren’t aware of the laws in place to help them run their businesses legally and avoid legal issues. While this can be a good thing because it means less worry for you, it also means that some things could go wrong without your knowledge if someone else takes advantage of the situation.
The Importance of Getting to Know Business Laws More Intimately
In business, the more you know about business law and how it protects your business from possible issues, the better off you’ll be. Your business is likely subject to a number of different rules and regulations depending on the industry you belong to and what business structure you have.
The importance of understanding business law is often overlooked by business owners, but it shouldn’t be. Know your rights and what to do if something goes wrong with a client or supplier can help reduce future problems as well as the cost that will go into resolving those issues in court.
Learning more about business laws now may also help prevent major setbacks for your business in the future. A business law attorney can be of great assistance to a business owner. They are able to help explain the different aspects of business law and how they apply to your business. The more knowledgeable you are about business law, the more successful your business is going to be.
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]
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
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]
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.
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]
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.
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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