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Law Firm

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Law Firm

Last Updated: July 20, 2026

A law firm is an integral part of the legal industry in the United States. According to the National Law Journal’s report, there were 1,232 law firms across the nation in a recent survey year, with combined gross revenue of $262.97 billion. New York City-based firms make up the majority of this revenue, with the top ten grossing law firms in the United States reaching a combined total of $52.2 billion. Whether you need a small local practice or one of the world’s largest partnerships, understanding how a law firm works helps you choose the right legal representation for your matter.

The law firm landscape has changed dramatically over the years. There are now firms of all sizes and with a wide range of specialties, from business law to real estate law, estate planning, probate law, criminal defense, contract law, and injury law. With this diversity comes a wide range of business models, strategies, rankings, revenues, and other metrics used to measure success. This article discusses the various aspects of a law firm, including size, software, rankings, revenue, attorneys, management, practice areas, and lawyers. It also explains how the world’s leading law firms are changing to meet the needs of their clients. For a definition and history of the term, see the overview of the law firm on Wikipedia.

Key Takeaways

A law firm is a business entity formed by one or more lawyers to practice law and advise clients.
Firms range from solo practices to global partnerships with more than 500 attorneys.
Most firms are organized as limited liability partnerships (LLPs), LLCs, professional corporations, or sole proprietorships.
Practice areas include business, contract, real estate, estate planning, probate, and personal injury law.
Technology and practice-management software increasingly shape how modern firms serve clients.

What Is a Law Firm?

A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service a law firm delivers is advising clients about their legal rights and responsibilities and representing them in civil, criminal, and business matters. Clients may be individuals, families, small businesses, or large corporations. When you hire a firm, you are retaining the collective knowledge, resources, and experience of every attorney who works there, not just a single lawyer.

Size and Software

Law firms come in all shapes and sizes. According to the National Law Journal (NLJ) survey, the largest firms have more than 500 attorneys, while the smallest firms have fewer than 10. Some firms operate multiple offices in multiple states, while others have only one office. Some specialize in a single practice area, while others offer a broad range of services.

The size of a firm often affects the type of software it uses. Larger firms may rely on sophisticated document-management systems, billing systems, and case-management systems, while smaller firms may not need such elaborate tools. Regardless of size, the goal of a well-run law firm is the same: to serve clients efficiently and protect their interests.

Ranking and Revenue

Law firms are ranked based on a number of criteria, such as total revenue and the number of attorneys. The NLJ survey ranks the 250 largest law firms in the U.S. by revenue, as well as the top 100 firms by number of attorneys. The survey also ranks firms by practice areas, including business, real estate, estate planning, probate, criminal defense, contract, and injury law. These rankings help clients and recruits compare firms, but revenue alone does not measure how well a firm serves an individual client.

Attorneys and Management

A law firm is made up of attorneys who are licensed to practice law in a particular jurisdiction. Attorneys are typically organized into teams, which may be led by a partner or a senior associate. Partners are usually the most senior attorneys in the firm and are responsible for managing practice areas and client relationships. Associates are typically the junior attorneys who research legal issues and prepare cases. To learn more about the profession itself, review the general overview of a lawyer on Wikipedia.

Practice Areas and Lawyers

Law firms typically specialize in one or more practice areas. Common practice areas include business law, real estate law, estate planning, probate law, criminal defense, contract law, and injury law. Each practice area has its own set of rules and regulations, as well as its own set of lawyers.

For example, a firm that focuses on business law may employ corporate lawyers, mergers-and-acquisitions lawyers, and securities lawyers, while a firm that concentrates on injury law may have medical-malpractice lawyers and personal-injury lawyers. Choosing a law firm whose experience matches your legal need is one of the most important decisions a client makes.

LLP and Menu of Services

Many law firms are organized as limited liability partnerships, or LLPs. An LLP is a business structure that lets the firm offer a variety of services to clients while limiting each partner’s personal liability. LLPs also give partners flexibility, allowing them to choose from a “menu” of services to provide.

For example, a law firm might offer corporate formation, contract negotiation, intellectual-property protection, mergers and acquisitions, and litigation. Some law firms are instead organized as LLCs (limited liability companies), professional corporations, or even sole proprietorships. If you are forming your own company and comparing entity types, our guide to Utah business law explains the options.

World’s Leading Law Firms

The world’s leading law firms are those with the most revenue, the most attorneys, and the most clients. According to the NLJ survey, the top 10 largest law firms in the world are based in the United States, with two based in the United Kingdom and one based in Germany. These firms have combined revenue of over $100 billion and employ more than 55,000 attorneys.

Law firms come in all shapes and sizes and offer a wide range of services to their clients. The size of the firm, the software it uses, the practice areas it specializes in, and the number of attorneys it employs all contribute to its success. As the legal landscape continues to change, every law firm must adapt and evolve to meet the needs of its clients.

The American Lawyer’s report shows that many of the largest law firms in the country are located in New York, with the top ten grossing firms reaching a combined total of $84.3 billion in revenue. These firms specialize in many different areas of law, including personal injury, corporate, tax, and intellectual property.

Technology Based Law Firms

The legal profession has seen the rapid emergence of technology-based solutions, with many law firms now using legal software and document-management systems to run their practices. These tools allow firms to take on larger cases, provide better service, and improve efficiency. One of the most popular categories is cloud-based software, which enables a firm to store and manage legal documents online so files are accessible wherever they are needed.

Practice-management software has also become a common tool for law firms. This type of software helps firms track time, organize client files, and manage billing, among other features. Many firms combine practice management with legal document management to streamline everyday work.

The profession has also seen growth in legal-studies programs. These programs help students understand the legal system and learn to draft legal documents, research legal topics, and represent clients effectively. As technology and legal education continue to evolve, law firms are able to serve clients more efficiently and handle increasingly complex cases.

Business Law Firm

Business law is an essential aspect of the legal system in Utah and covers a broad range of topics, including contract law, bankruptcy, intellectual property, corporate and securities law, antitrust, business organizations, and taxation. Businesses operating in Utah must follow a complex set of laws, regulations, and procedures set by the legislature, courts, and federal agencies. To navigate these matters, it helps to work with a knowledgeable business law firm that understands the nuances of Utah business law.

One key aspect of business law in Utah is contract law. The Utah Supreme Court has established rules that people entering into contracts must follow. In cases such as Weber v. Deseret Book Co., 725 P.2d 1090 (Utah 1986), the court held that contract terms must be clear and mutually agreed upon by both parties. Contracts must also be supported by consideration, meaning each party must receive something of value, and no party may be held to an agreement obtained through fraud or duress.

Other areas of business law in Utah include corporate and securities law, bankruptcy, and intellectual property. In R.F. Brinkley Corp. v. First Security Bank of Utah, 959 P.2d 1378 (Utah 1998), the court held that corporations must follow specific procedures when issuing securities. In In re B.W.L. Corp., 816 P.2d 1218 (Utah 1991), the court confirmed that bankruptcy proceedings must follow a set of specific rules. You can read Utah’s statutes directly at the Utah State Legislature website.

Contract Law Firm

Contract law is an important part of the legal system in Utah. It involves the formation and enforcement of contracts between parties. A contract is an agreement between two or more parties that is enforceable in a court of law. It can be oral or written, and it must be made with the intent to be legally binding. In Utah, the Uniform Commercial Code (UCC) governs contracts for the sale of goods; you can review the full Uniform Commercial Code at Cornell Law School.

To be enforceable, a contract generally must include an offer, acceptance, consideration, and legal capacity. The Utah Supreme Court has held that parties may enter into oral contracts and that such contracts are often enforceable, although contracts for the sale of goods above a certain value must be in writing. Legal capacity means the parties must be of legal age and mentally competent. Our article on offer and acceptance explains these elements in more detail.

Contracts can be modified or terminated through mutual agreement, as well as through rescission, which is the legal process of canceling a contract. For a contract to be legally binding, the parties must intend to be bound and the agreement must satisfy every legal requirement. Understanding the requirements of contract formation and enforcement is essential for any business or individual entering an agreement.

Real Estate Law Firm

Real estate law is an important element of legal practice in Utah. It covers a wide range of issues, including property ownership, zoning, contracts, title insurance, and financing. Real estate law in Utah combines state and federal law with local ordinances.

Much of real estate practice draws on the Uniform Commercial Code and on the common-law principles of contract and tort. In addition, the Utah Supreme Court has built a body of case law that guides how real estate law is applied in the state. One significant area is title insurance, which protects a purchaser’s interest by confirming there are no liens, encumbrances, or competing claims that could prevent the buyer from taking ownership. In Utah, title insurance is governed by the Utah Title Insurance Act.

Utah case law also defines the rights and responsibilities of parties to real estate transactions. For example, a seller is generally required to disclose known defects and to provide an accurate representation of the property’s condition before a sale is finalized. Because these rules are detailed, it is wise to consult a real estate law firm familiar with Utah law before buying or selling property.

Estate Planning Law Firm

Estate planning is an important area of law practice, and it can be especially important in Utah. Estate planning involves structuring the transfer of property and assets from one generation to the next in an efficient, legally sound manner. Utah case law sets several precedents in this area.

In In re Estate of Moore, the Utah Supreme Court determined that a property owner’s estate plan must comply with the Utah Uniform Probate Code to be valid. In In re Estate of Hines, the court found that a trust must follow its own terms to be enforceable. And in In re Estate of Clark, the court determined that an estate plan must be reasonable and understandable to the beneficiaries. Together, these cases demonstrate the importance of creating accurate, legally sound estate plans with the help of an experienced law firm.

Personal Injury Law Firm

When people are injured in a car or 18-wheeler accident, it can be a traumatic, life-altering experience. In addition to physical and emotional trauma, there are often financial costs from medical bills, lost wages, and other damages. In such cases it is important to seek the assistance of a personal injury attorney.

A personal injury law firm can help injured individuals navigate the legal system and maximize their financial recovery. An attorney can investigate the facts, identify liable parties, and negotiate with insurance companies to secure fair compensation. A firm also has access to expert witnesses, investigators, and other resources that are not available to the general public, which can be invaluable when proving fault.

Having a personal injury law firm on your side also provides peace of mind. The attorney handles the legal work so you can focus on recovery, reducing the stress of dealing with insurance companies while protecting your rights.

Probate Law Firm

The practice of probate involves the administration of a deceased person’s estate. This process includes distributing assets to heirs, paying creditors, and collecting taxes. In Utah, probate matters are handled by the probate court, which is part of the district court system. For court forms and procedures, see the official Utah State Courts website.

Under Utah law, the probate court determines the validity of wills, appoints executors, oversees management of the estate, collects taxes, and supervises the distribution of assets. The court also ensures that all parties are treated fairly and may appoint guardians for a minor or incapacitated person.

In Utah, the probate process must generally be completed within a set period after the death of the testator, though complex or contested estates can take longer. Because probate can be lengthy and complicated, a probate law firm helps executors and families follow the court’s requirements so the estate is handled properly.

How to Choose the Right Law Firm

Choosing the right law firm starts with matching the firm’s experience to your specific legal need. A firm that concentrates on business and estate matters may not be the best fit for a complex criminal case, and vice versa. Ask about the firm’s experience with matters like yours, who will actually handle your file, how the firm communicates, and how fees are structured.

It also helps to read reviews, ask for referrals, and meet with the attorney before deciding. A good law firm will explain your options clearly, set realistic expectations, and treat you as a partner in your own case. Many firms, including ours, offer an initial consultation so you can decide whether the relationship is a good fit before committing.

Frequently Asked Questions About Law Firms

What is a law firm?
A law firm is a business entity formed by one or more lawyers to practice law, advise clients about their legal rights, and represent them in court and in transactions.

What is the difference between a law firm and a lawyer?
A lawyer is an individual licensed to practice law. A law firm is the business organization through which one or more lawyers offer their services, share resources, and serve clients.

How are law firms structured?
Most law firms are organized as limited liability partnerships (LLPs), limited liability companies (LLCs), professional corporations, or sole proprietorships, each of which affects liability, taxation, and management.

How do I choose the right law firm?
Match the firm’s practice areas and experience to your legal need, confirm who will handle your case, review the fee structure, and meet with the attorney before you decide.

What practice areas do law firms handle?
Common practice areas include business law, contract law, real estate law, estate planning, probate, and personal injury law, among many others.

Utah Law Firm Consultation

When you need legal help from a law firm, call Jeremy D. Eveland, MBA, JD (801) 613-1472.

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

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Contract Law

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Contract Law

Last Updated: June 11, 2026

Contract law is the legal field that governs the formation, performance and enforcement of contracts. Contracts are agreements between two or more parties that create mutual obligations and rights between them. The essential elements of a contract are an offer, acceptance, consideration, and mutual intention to be bound. Contracts are commonly used as a means of exchange in business, and are often written to ensure that all parties understand the obligations of each.

History of Contract Law

Contract law has its roots in the common law of England and the United States, and is based on the principle of freedom of contract, which allows parties to make their own agreements and be bound by them. The common law of contracts is based on the principle that an agreement is binding only if both parties have the same intention to enter into a legally enforceable contract. This principle is known as the “meeting of the minds,” and is often tested in court to determine if a contract is valid.

In addition to the common law of contracts, many states also have their own set of contract law rules. These rules are known as “statutory laws” and are often found in a state’s civil code or in a state’s specific contract laws. The Uniform Commercial Code (UCC) is the most commonly used set of laws governing contracts in the United States. The UCC is a set of laws that governs contracts for the sale of goods, and is applicable to all states except Louisiana.

Contract law also recognizes the concept of “good faith,” which requires that parties to a contract perform their obligations in a reasonable and fair manner. This concept has been adopted in many jurisdictions, including the United States and the United Kingdom. Good faith is often tested in court to determine if a party has acted in a manner that is contrary to the spirit and intention of the contract.

Contract law also recognizes the concept of “consideration,” which is the exchange of something of value for the promise of performance or a promise to do something. Consideration is an essential element of a contract, as it serves as an inducement to enter into the contract and is necessary to make an agreement legally binding. Consideration can be in the form of money, goods, services, or something else of value.

Contract Case Law

Hawkins v. McGee is a famous case in contract law. In this case, a local doctor, Edward Hawkins, promised to repair a severe burn on the hand of a person, McGee, in exchange for a large sum of money. However, the doctor failed to perform the repair, and the person brought a civil lawsuit against him. The court held that the doctor had breached the contract, as he had failed to provide the expected result of the agreement.

In the United States, contract law is also governed by the Uniform Commercial Code (UCC) when it comes to the sale of goods. The UCC governs the formation, performance and enforcement of contracts for the sale of goods. The code defines the obligations of the parties to a contract and sets out the rights and remedies available to them if one party breaches the agreement.

The concept of “specific performance” is also recognized in contract law. This is an equitable remedy that allows a court to order a party to perform their part of the contract. Specific performance is usually available when money damages are an inadequate remedy, such as in the case of a unique item, or when a party has acted in bad faith.

Contract law also recognizes the concept of “anticipatory breach,” which occurs when one party to a contract indicates they will not perform their obligations under the contract. In this situation, the other party may be able to terminate the contract and seek damages as a result.

In addition, contract law recognizes the concept of “good faith,” which requires that parties to a contract act in a reasonable and fair manner when performing their obligations under the contract. This concept has been adopted in many jurisdictions, including the United States and the United Kingdom.

Contract law also recognizes the concept of “legal capacity,” which is the legal authority of a person or business entity to enter into a contract. A person must have the legal capacity to enter into a contract in order for it to be valid. This means that a person must be of legal age, have the mental capacity to understand the terms of the contract, and have the legal authority to enter into the contract.

Contract law also recognizes the concept of “mutual intent,” which is the mutual intention of the parties to enter into a contract. This is often tested in court to determine if a contract is valid. For example, if a person claims they entered into a contract due to duress, the court will consider the mutual intent of the parties to determine if the contract is valid.

Finally, contract law also recognizes the concept of “valuable benefit,” which is the exchange of something of value for the promise of performance or a promise to do something. This is an essential element of a contract, as it serves as an inducement to enter into the contract and is necessary to make an agreement legally binding.

Contract law is an important part of the legal system in the state of Utah. It forms the foundation for the enforcement of agreements between parties. This article will explore the various aspects of contract law in Utah and draw upon the relevant state statutes, as well as case law, in order to provide an in-depth understanding of the various rules, regulations, and principles governing contracts in Utah.

Definition of a Contract

A contract is defined as a legally enforceable agreement between two or more parties. In order to create a binding contract, there must be an offer made by one party, an acceptance of that offer by the other party, and consideration exchanged by both parties. In Utah, there are certain requirements that must be met in order for a contract to be valid and enforceable.

Formation of a Contract

In order for a contract to be valid and enforceable, the parties must have the legal capacity to enter into the contract. Under Utah Code § 25-1-1, a person must be of legal age (18 years of age or older) and must have the capacity to understand and agree to the terms of the contract. The parties must also have the intent to enter into a binding agreement and must exchange something of value, known as consideration.

Under Utah law, the consideration exchanged does not necessarily need to be of equal value. Furthermore, consideration can take many forms, such as the exchange of money, goods, services, or a promise to do something. Additionally, the consideration must be legal and must not be against public policy.

In order for a contract to be valid, there must be an offer and an acceptance. An offer is a promise to do something, and an acceptance is an agreement to the terms of the offer. In Utah, an offer must be definite and clear in its terms. An offer can be made orally or in writing, and can be accepted in the same manner.

Under Utah law, a contract can be formed without the use of words. This is known as a “contract implied in fact” and occurs when parties act in a manner that implies they are entering into an agreement. An example of this would be when a party pays for goods or services without explicitly agreeing to the terms of the transaction.

Enforceability of a Contract

A contract is only enforceable if it meets certain requirements. Under Utah law, a contract must be in writing and must be signed by both parties for it to be enforceable. Additionally, the contract must be for a legal purpose and must not be against public policy.

In Utah, a contract is also unenforceable if it is considered to be unconscionable. An unconscionable contract is one that is so oppressive or one-sided that it is considered to be unfair. In order for a contract to be considered unconscionable, the terms must be so one-sided that it would be considered unreasonable for a party to agree to them. If a contract is found to be unconscionable, it is unenforceable in Utah.

Void and Voidable Contracts

In some cases, a contract may be deemed void or voidable. A void contract is one that is not legally enforceable, and a voidable contract is one that can be made void at the discretion of one or more parties. In Utah, a contract can be void or voidable if it is deemed to be illegal, if one of the parties was not of legal age, or if the contract involves fraud or duress.

Breach of Contract

If one of the parties does not fulfill their obligations under the contract, then the other party may be entitled to damages for the breach. In Utah, the non-breaching party can recover compensatory damages, which are designed to compensate them for any losses resulting from the breach. Additionally, the non-breaching party can also be entitled to punitive damages, which are designed to punish the breaching party for their actions.

Consultation With a Business Contract Law Attorney

Contract law is an essential part of the legal system, as it governs the formation, performance and enforcement of agreements between parties. The essential elements of a contract are an offer, acceptance, consideration, and mutual intention to be bound. Contract law is based on the principle of freedom of contract, which allows parties to make their own agreements and be bound by them. In addition to the common law of contracts, many states also have their own set of contract law rules. The Uniform Commercial Code is the most commonly used set of laws governing contracts in the United States. Good faith is an important concept in contract law, as it requires that parties to a contract act in a reasonable and fair manner when performing their obligations under the contract. The concept of “specific performance” is also recognized in contract law, which allows a court to order a party to perform their part of the contract. Finally, contract law recognizes the concept of “valuable benefit,” which is the exchange of something of value for the promise of performance or a promise to do something.

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

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

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Business Succession Lawyer Layton Utah

Last Updated: June 11, 2026

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

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Business Succession Lawyer Salt Lake City Utah

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Business Succession Lawyer Layton Utah

Understanding Business Succession Lawyer Layton Utah

This guide covers Business Succession Lawyer Layton Utah and what you need to know.

From Wikipedia, the free encyclopedia

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

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

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

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

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Layton, Utah

For legal assistance regarding Business Succession Lawyer Layton Utah, contact Jeremy Eveland. We handle Business Succession Lawyer Layton Utah cases and provide guidance on Business Succession Lawyer Layton Utah for clients.

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

Salt Lake City, Utah
State capital
City of Salt Lake City^[1]
Clockwise from top: The skyline in July 2011, Utah State Capitol, TRAX, Union Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple
Flag Seal
Nickname: “The Crossroads of the West”
Wikimedia \| © OpenStreetMap Interactive map of Salt Lake City
Coordinates: 40°45′39″N 111°53′28″WCoordinates: 40°45′39″N 111°53′28″W
Country	United States
State	Utah
County	Salt Lake
Platted	1857; 165 years ago^[2]
Named for	Great Salt Lake
Government
• Type	Strong Mayor–council
• Mayor	Erin Mendenhall (D)
Area ^[3]
• City	110.81 sq mi (286.99 km²)
• Land	110.34 sq mi (285.77 km²)
• Water	0.47 sq mi (1.22 km²)
Elevation	4,327 ft (1,288 m)
Population (2020)^[4]
• City	200,133
• Rank	122nd in the United States 1st in Utah
• Density	1,797.52/sq mi (701.84/km²)
• Urban	1,021,243 (US: 42nd)
• Metro	1,257,936 (US: 47th)
• CSA	2,606,548 (US: 22nd)
Demonym	Salt Laker^[5]
Time zone	UTC−7 (Mountain)
• Summer (DST)	UTC−6
ZIP Codes	show ZIP Codes^[6]
Area codes	801, 385
FIPS code	49-67000^[7]
GNIS feature ID	1454997^[8]
Major airport	Salt Lake City International Airport
Website	Salt Lake City Government

Utah
State
State of Utah
Flag Seal
Nickname(s): “Beehive State” (official), “The Mormon State”, “Deseret”
Motto: Industry
Anthem: “Utah…This Is the Place“
Map of the United States with Utah highlighted
Country	United States
Before statehood	Utah Territory
Admitted to the Union	January 4, 1896 (45th)
Capital (and largest city)	Salt Lake City
Largest metro and urban areas	Salt Lake City
Government
• Governor	Spencer Cox (R)
• Lieutenant Governor	Deidre Henderson (R)
Legislature	State Legislature
• Upper house	State Senate
• Lower house	House of Representatives
Judiciary	Utah Supreme Court
U.S. senators	Mike Lee (R) Mitt Romney (R)
U.S. House delegation	1: Blake Moore (R) 2: Chris Stewart (R) 3: John Curtis (R) 4: Burgess Owens (R) (list)
Area
• Total	84,899 sq mi (219,887 km²)
• Land	82,144 sq mi (212,761 km²)
• Water	2,755 sq mi (7,136 km²) 3.25%
• Rank	13th
Dimensions
• Length	350 mi (560 km)
• Width	270 mi (435 km)
Elevation	6,100 ft (1,860 m)
Highest elevation (Kings Peak^[1]^[2]^[a])	13,534 ft (4,120.3 m)
Lowest elevation (Beaver Dam Wash at Arizona border^[2]^[a]^[3])	2,180 ft (664.4 m)
Population (2020)
• Total	3,271,616^[4]
• Rank	30th
• Density	36.53/sq mi (14.12/km²)
• Rank	41st
• Median household income	$60,365^[5]
• Income rank	11th
Demonym	Utahn or Utahan^[6]
Language
• Official language	English
Time zone	UTC−07:00 (Mountain)
• Summer (DST)	UTC−06:00 (MDT)
USPS abbreviation	UT
ISO 3166 code	US-UT
Traditional abbreviation	Ut.
Latitude	37° N to 42° N
Longitude	109°3′ W to 114°3′ W
Website	utah.gov

hideUtah state symbols
Flag of Utah

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

State quarter
Released in 2007
Lists of United States state symbols

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Business Succession Lawyer Orem Utah

Last Updated: June 11, 2026

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

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

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

Orem Utah Business Lawyer

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

Business Formation Attorney Orem UT

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

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

Utah Business Entity

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

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

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

Confusion Over Business and tax Terms

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

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

Business Succession Lawyer Free Consultation

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

Areas We Serve

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

Business Succession Lawyer Salt Lake City Utah

Business Succession Lawyer West Jordan Utah

Business Succession Lawyer St. George Utah

Business Succession Lawyer West Valley City Utah

Business Succession Lawyer Provo Utah

Business Succession Lawyer Sandy Utah

Business Succession Lawyer Orem Utah

Types of Business Entities in Utah

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

Business Entity Type

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

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

Sole Proprietorship

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

Pros of Sole Proprietorship

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

Cons of Sole Proprietorship

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

General Partnership (GP)

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

Pros of General Partnership

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

Cons of General Partnership

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

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

Limited Partnership (LP)

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

Pros of Limited Partnership

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

Cons of Limited Partnership

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

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

C-Corporation

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

Pros of C-corporation

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

Cons of C-corporation

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

S-Corporation

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

Pros of S-corporation

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

Cons of S-corporation

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

Limited Liability Company (LLC)

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

Pros of LLC

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

Cons of LLC

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

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

Understanding Business Succession Lawyer Orem Utah

This guide covers Business Succession Lawyer Orem Utah and what you need to know.

From Wikipedia, the free encyclopedia

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

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

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

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Orem, Utah

For legal assistance regarding Business Succession Lawyer Orem Utah, contact Jeremy Eveland. We handle Business Succession Lawyer Orem Utah cases and provide guidance on Business Succession Lawyer Orem Utah for clients.

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