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Common Legal Issues That Should Involve A Business Lawyer

If you have a small business or are planning to start one, then building a relationship with a small business attorney can be one of the best things you can do. Not only will a lawyer guide you into setting up your small business correctly, but will help guide you through all the different aspects of owning a small business. There are a lot of legal aspects to business that an owner may not have considered when starting one, so having access to a lawyer can have a lot of benefits.
Once you starting running a business, the world gets a lot more complicated. You’ll find yourself faced with a plethora of issues and decisions that most people never have to consider, and legal inconveniences may be an unfortunate side effect. Here are some such issues, along with considerations for dealing with them.

Resolving disputes in business.

This can be a contractual issue, a product issue, or even a liability issue that a lawyer will be best equipped to deal with for you.

How to set up your business to protect your assets in case of a lawsuit or other legal issue

Making sure all your bases are covered if you’re buying a business, dealing with becoming a franchise or even selling your business.

Business ownership is complicated enough without having to attend to all the details alone. Business attorneys know all the in’s and out’s of the legal system and understand the traps and pitfalls that small business owners have to deal with. Consulting with one during all phases of your business may seem like an unnecessary expense, but like having insurance, it’s an expense that is well worth it. Having the comfort in knowing you’re personally protected, that your business is protected and that you’re running your business properly is well worth every penny.

Owning a small business is no easy feat. Starting up your own company is a challenging thing to do, but is also one of the most rewarding. There are several obstacles that one must overcome to create a successful business.

Determining Which Type of Business Entity

Before you do anything, you need to determine how your business will be structured. There are several types of business structures you can choose from, each with its own advantages and disadvantages. Whichever structure you choose will affect your personal liability, tax obligations, ongoing business expenses, and more. Choosing the wrong entity type could result in costly fees or fines that may negatively impact your business. A few business structures to choose from include:

 Limited Liability Company (LLC)
 Corporation
 Close Corporation
 Sole Proprietorship
 Partnership

A business lawyer can help you decide which structure to operate under. There are other resources you can use as well, that will help you determine which business model is best for you. However, nothing can truly replace the guidance from an experienced lawyer who can provide examples of where the liability protection shines, and where it lacks. Moreover, even though formation may seem simple, and these days many non-lawyers, including CPAs, are doing formation paperwork, only an attorney can really speak on the liability protections and consequences.

Obtaining Proper Licensing and Insurance

Licensing is one of the most common legal issues small businesses encounter. Make sure you’re in accordance with your local government’s requirements for business licensing. Otherwise, you will likely find yourself facing fees that could easily have been avoided. The cost of the license may vary depending on where you operate, but the need to have one remains constant throughout the country.

When it comes to obtaining business licenses and insurance, it is crucial that you obtain the proper documents and licenses for your company. Many business owners are unfamiliar with the government restrictions that are placed on business licensing. The cost and requirements for business licenses often vary by location making it difficult to determine which licenses are needed.

Getting the wrong licensing or failing to obtain proper insurance can be costly for a business to mend. A business lawyer can advise on what other protections you need for your business.

Contract Writing

Drafting and negotiating business contracts is challenging for someone who is unfamiliar with all the state laws, regulations, and guidelines that need to be considered. The need to create a legally binding business contract that works for your particular business is worth its weight in gold. This is where cookie-cutter contracts serve no real good and could lead to problems later on.

Similarly, negotiating a business contract can be quite tricky if you are less familiar with the terms and phrases being used. Having a poor understanding of business contracts leaves you vulnerable to facing serious legal complications which can be detrimental to your company.

Purchasing or Selling Your Business

Purchasing and selling an asset such as your business is no small task. Should you decide later on that you want to purchase another business to expand, or want to sell your business, you will be required to deal with all the necessary documents, licensing, and valuation. This can be a lot to handle on top of managing your business, and many business owners have little experience with real estate transactions. This could result in missed opportunities, loss of revenue, or becoming the victim of a poor investment option.

A business lawyer better understands how to make the transition in a way that protects both the seller and the buyer. This is not the time for handshake deals, even if it is with a family member or friend.

Handling Employee Conflicts

Part of being a business owner is dealing with employee conflicts. This is not always easy as it can put yourself and others at risk of litigation. There are several federal and state laws that your business must follow in regard to your employees such as health and safety regulations, anti-discrimination, and hours and wages. Fortunately, a business lawyer can help create documents and develop new policies and procedures that ensure you do not violate any laws and protects you from costly lawsuits from employees. Lastly, you will always want to protect your company’s information from what has turned into a revolving door of employees. However, non-compete laws are always changing. While it is detrimental to have a non-compete with key employees, and non-disclosure agreements with all your employees, drafting them wrong could expose your business to heavy fines.

Trademarks

Trademarks are another surprisingly common legal issue faced by small businesses. Be sure to do plenty of research ahead of naming or renaming your business or launching any new products or services. If you can think of a name, there’s always a chance someone else has as well, and it’s entirely possible that the other business already owns the trademark. Infringing on someone’s trademark is not the kind of legal hot water you want to find yourself in, even if that infringement was an honest mistake.

Employee Termination

It happens to many businesses. You hire someone you believe to be more qualified than they really are, and soon realize you’ll be losing money by keeping them around. Or you find out that they just don’t fit in with the rest of your employees and are affecting productivity and morale for the entire team. You can lessen your chances of legal repercussions if you take the right precautions before terminating anyone. This starts with spelling out the terms of employment in an employee manual and documenting any disciplinary actions involving the employee. If there’s any doubt about what you should do, it would be worth your while to consult your attorney.

Misclassification

Make sure you classify employees correctly as far as the government is concerned. “The misclassification of employees as independent contractors presents one of the most serious problems facing affected workers, employers and the entire economy,” according to the Federal Department of Labor. This is a subject the Department takes very seriously, so before you classify someone as an independent contractor, be sure to read the DOL guidelines.

Shareholders’ Agreement

If your business has more than one shareholder, an agreement is strongly encouraged. One day, the business may split up or be sold, and if no agreement exists, legal battles can — and likely will — ensue. Even if current shareholders are on the best of terms, things can always turn sour, and it’s not a good idea to leave any gray area when it comes to who gets what. The agreement should be drafted, or at the very least, overseen by a lawyer with experience in such matters.

Overtime Disputes

Make sure your overtime rules are clear and that you approve all overtime in advance. Not only will this provide you with a helpful financial control, it could save you potential legal trouble.

Litigation

This is one issue that you can control yourself. Don’t rush into a lawsuit, because doing so means paying legal fees, and as you can probably guess, these can add up quickly. If you can find a way to negotiate and settle a dispute outside of court, it might be wise to consider that option.

Consult an attorney if you have questions or concerns about any legal issue. Doing so will likely cost you less than the fees that come along with legal battles.

Areas We Serve

We serve individuals and businesses in the following locations:

Salt Lake City Utah
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Common Legal Issues That Should Involve A Business Lawyer Consultation

When you need help with Common Legal Issues That Should Involve A Business Lawyer call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

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

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Common Legal Issues That Should Involve A Business Lawyer

Using Disclaimers In Estate Planning

Estate Planning Lawyer

“Protect Your Legacy with Disclaimers: Secure Your Estate for Future Generations!”

Introduction

Using disclaimers in estate planning is a powerful tool that can help you protect your assets and ensure that your wishes are carried out. A disclaimer is a legal document that allows you to refuse to accept an inheritance or gift. It can be used to protect your assets from creditors, avoid probate, and reduce estate taxes. Disclaimers can also be used to ensure that your estate is distributed according to your wishes. This article will discuss the basics of using disclaimers in estate planning, including when and how to use them.

Understanding the Flexibility of Disclaimers in Estate Planning: What You Need to Know

When it comes to estate planning, understanding the flexibility of disclaimers is essential. Disclaimers are a powerful tool that can be used to protect assets, reduce taxes, and ensure that your wishes are carried out. This article will provide an overview of disclaimers and explain how they can be used in estate planning.

A disclaimer is a legal document that allows a person to refuse to accept an inheritance or other asset. By disclaiming an asset, the person is essentially saying that they do not want to accept the asset and that it should pass to someone else. This can be a useful tool in estate planning, as it allows the person to control who receives the asset and how it is distributed.

Disclaimers can be used in a variety of ways. For example, they can be used to reduce taxes, protect assets from creditors, or ensure that assets are distributed according to the wishes of the deceased. Disclaimers can also be used to protect assets from being taken by the government in the event of a bankruptcy or other financial hardship.

When using disclaimers in estate planning, it is important to understand the rules and regulations that apply. In most cases, disclaimers must be made within nine months of the date of death. Additionally, the disclaimer must be in writing and must be signed by the person making the disclaimer. It is also important to note that disclaimers are irrevocable, meaning that once they are made, they cannot be changed or revoked.

Finally, it is important to understand that disclaimers are not always the best option. In some cases, it may be more beneficial to accept the asset and use it to benefit the estate. It is important to consult with an experienced estate planning attorney to determine the best course of action for your particular situation.

By understanding the flexibility of disclaimers in estate planning, you can ensure that your wishes are carried out and that your assets are protected. With the right guidance, you can make sure that your estate is handled in the most efficient and effective manner possible.

How to Create an Effective Disclaimer Trust for Your Estate Plan

Creating an effective disclaimer trust for your estate plan is an important step in ensuring that your assets are distributed according to your wishes. A disclaimer trust is a type of trust that allows you to transfer assets to a trust without triggering any gift or estate taxes. It is an important tool for estate planning, as it can help you reduce the amount of taxes your estate will owe.

When creating a disclaimer trust, it is important to consider the following:

1. Choose a Trustee: The trustee is the person who will manage the trust and ensure that the assets are distributed according to your wishes. It is important to choose someone who is trustworthy and knowledgeable about estate planning.

2. Draft the Trust Document: The trust document should clearly outline the terms of the trust, including who will receive the assets, when they will receive them, and how they will be distributed. It should also include any restrictions or conditions that you want to place on the trust.

3. Fund the Trust: Once the trust document is drafted, you will need to fund the trust with assets. This can be done by transferring assets from your estate or by making a gift to the trust.

4. File the Necessary Documents: Once the trust is funded, you will need to file the necessary documents with the appropriate government agencies. This includes filing a gift tax return and a disclaimer of interest form.

By following these steps, you can create an effective disclaimer trust for your estate plan. This will help ensure that your assets are distributed according to your wishes and that your estate is not subject to unnecessary taxes.

The Benefits of Marital Disclaimer Trusts in Estate Planning

Marital disclaimer trusts are an important tool in estate planning. They are used to protect assets from estate taxes and to provide for the surviving spouse. This type of trust can be used to provide for the surviving spouse while also protecting the assets from estate taxes.

A marital disclaimer trust is a type of trust that allows a surviving spouse to disclaim, or refuse, an inheritance from their deceased spouse. This allows the surviving spouse to avoid estate taxes on the inheritance. The disclaimed assets are then transferred to a trust, which is managed by a trustee. The trustee is responsible for managing the trust and distributing the assets according to the terms of the trust.

The primary benefit of a marital disclaimer trust is that it allows the surviving spouse to avoid estate taxes on the inheritance. This can be especially beneficial for high-net-worth individuals, as estate taxes can be quite high. Additionally, the trust can be used to provide for the surviving spouse while also protecting the assets from estate taxes.

Another benefit of a marital disclaimer trust is that it can be used to provide for the surviving spouse while also protecting the assets from creditors. This can be especially beneficial for individuals who have a large amount of debt. The trust can be used to protect the assets from creditors while also providing for the surviving spouse.

Finally, a marital disclaimer trust can be used to provide for the surviving spouse while also protecting the assets from estate taxes. This can be especially beneficial for individuals who have a large amount of assets. The trust can be used to protect the assets from estate taxes while also providing for the surviving spouse.

In conclusion, marital disclaimer trusts are an important tool in estate planning. They can be used to provide for the surviving spouse while also protecting the assets from estate taxes. Additionally, they can be used to protect the assets from creditors and to provide for the surviving spouse. For these reasons, marital disclaimer trusts are an important tool in estate planning.

How to Use Disclaimers to Maximize Your Estate Tax Exemption

When it comes to estate planning, one of the most important tools available to maximize your estate tax exemption is the use of disclaimers. A disclaimer is a legal document that allows you to refuse to accept an inheritance or gift. By disclaiming an inheritance or gift, you can reduce the size of your taxable estate and maximize your estate tax exemption.

When considering the use of disclaimers, it is important to understand the rules and regulations that govern them. Generally, a disclaimer must be in writing and must be signed by the person making the disclaimer. The disclaimer must also be made within nine months of the date of death of the person making the gift or bequest. Additionally, the disclaimer must meet certain requirements in order to be valid.

When making a disclaimer, it is important to be aware of the potential tax implications. Depending on the size of the gift or bequest, the disclaimer may result in a taxable event. Therefore, it is important to consult with a qualified tax professional before making a disclaimer.

In addition to the tax implications, it is important to consider the potential legal implications of making a disclaimer. Depending on the state in which you live, there may be certain restrictions on the types of disclaimers that can be made. Therefore, it is important to consult with an experienced estate planning attorney before making a disclaimer.

By understanding the rules and regulations that govern disclaimers, you can maximize your estate tax exemption and ensure that your estate is properly managed. With the help of a qualified tax professional and estate planning attorney, you can make informed decisions about the use of disclaimers and ensure that your estate is managed in the most efficient manner possible.

Understanding Disclaimers in Estate Planning: What You Need to Know

When it comes to estate planning, understanding the importance of disclaimers is essential. Disclaimers are a legal document that allows an individual to refuse to accept an inheritance or gift. This document is important for estate planning because it can help protect the individual from potential tax liabilities and other financial obligations.

When an individual disclaims an inheritance or gift, the property is then passed on to the next beneficiary in line. This can be beneficial for estate planning because it allows the individual to avoid any potential tax liabilities or other financial obligations associated with the inheritance or gift.

When writing a disclaimer, it is important to be aware of the legal requirements in your state. Each state has its own set of laws and regulations regarding disclaimers, so it is important to be aware of these before writing a disclaimer. Additionally, it is important to make sure that the disclaimer is properly executed and witnessed.

When writing a disclaimer, it is important to be clear and concise. The document should clearly state the individual’s intention to disclaim the inheritance or gift and should include the date of the disclaimer. Additionally, the document should include the name of the beneficiary who will receive the property in the event of a disclaimer.

It is also important to keep in mind that a disclaimer is irrevocable. Once the document is signed, it cannot be changed or revoked. Therefore, it is important to make sure that the individual is certain of their decision before signing the document.

Understanding disclaimers in estate planning is essential for anyone who is considering writing a disclaimer. By understanding the legal requirements and making sure that the document is properly executed and witnessed, individuals can ensure that their estate planning is properly taken care of.

Why You Need an Estate Planning Lawyer to Assist You With Disclaimers

Estate planning is an important process that helps individuals and families protect their assets and plan for the future. An estate planning lawyer can provide invaluable assistance in this process, particularly when it comes to creating disclaimers. A disclaimer is a legal document that states that the person signing it does not have any legal rights or obligations related to the property or assets in question.

Creating a valid disclaimer requires a thorough understanding of the law and the ability to draft a document that meets all legal requirements. An estate planning lawyer can provide the necessary expertise to ensure that the disclaimer is legally binding and enforceable.

In addition to drafting a valid disclaimer, an estate planning lawyer can also provide advice on how to best use the disclaimer to protect the interests of the person signing it. For example, a lawyer can advise on the best way to structure the disclaimer to ensure that it is effective in protecting the signer’s assets.

An estate planning lawyer can also provide advice on how to use disclaimers to minimize taxes and other liabilities. For example, a lawyer can advise on the best way to structure a disclaimer to minimize the tax burden on the signer’s estate.

Finally, an estate planning lawyer can provide advice on how to use disclaimers to protect the interests of beneficiaries. For example, a lawyer can advise on the best way to structure a disclaimer to ensure that the signer’s assets are distributed according to their wishes.

In summary, an estate planning lawyer can provide invaluable assistance in creating and using disclaimers. A lawyer can provide the necessary expertise to ensure that the disclaimer is legally binding and enforceable, as well as provide advice on how to best use the disclaimer to protect the interests of the signer and their beneficiaries.

Q&A

1. What is a Disclaimer?

A disclaimer is a legal document that allows a person to refuse to accept an inheritance or other benefit. It is a way for a person to renounce their right to receive something without having to go through the probate process.

2. When should a Disclaimer be used?

A disclaimer should be used when a person does not want to accept an inheritance or other benefit. It can also be used to avoid certain taxes or to protect assets from creditors.

3. What are the benefits of using a Disclaimer?

Using a disclaimer can help to avoid probate, reduce taxes, and protect assets from creditors. It can also be used to ensure that the assets are distributed according to the wishes of the deceased.

4. What are the risks of using a Disclaimer?

The main risk of using a disclaimer is that it may not be legally binding. It is important to consult with an attorney to ensure that the disclaimer is valid and enforceable.

5. What should be included in a Disclaimer?

A disclaimer should include the name of the person making the disclaimer, the date of the disclaimer, a description of the property or benefit being disclaimed, and a statement that the person is voluntarily disclaiming the property or benefit.

6. Who should prepare a Disclaimer?

A disclaimer should be prepared by an attorney who is familiar with estate planning and the laws in the state where the disclaimer is being made.