Business Lawyer in Logan, Utah
Navigating the intricate landscape of business and commercial law requires industry-specific expertise from an experienced business lawyer. At Hillyard, Anderson & Olsen law firm, our seasoned attorneys possess in-depth knowledge across diverse industries, equipping us to tackle your distinctive challenges head-on. From regulatory compliance to contract negotiation and beyond, our comprehensive suite of business law services is tailored to your business’s specific needs.
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Who Really Needs a Business Lawyer?
If you’re starting a new business.
Starting a new business has a lot of moving parts. Just a few of the tasks include writing a business plan, choosing a business structure, registering a business name, opening a bank account, getting an Employer Identification Number (EIN), obtaining permits, drafting operating documents, and more. Many of these tasks will benefit from using an experienced business attorney.
If you’re buying or selling a business.
- Drafting contracts that protect all the parties involved.
- Advising you on whether certain terms are fair or unfair (or possibly illegal).
- Ensuring that all necessary regulatory approvals are obtained before signing off on any major decisions related to your business activities – such as mergers and acquisitions, partnerships and joint ventures – and making sure everything goes smoothly once those deals are done.
If you’re buying or selling real estate.
If you’re buying or selling real estate, a business lawyer can help ensure that the transaction is done properly. Perhaps you need assistance preparing or reviewing contacts or seller disclosures. Or, maybe you want to make sure any liens against the property are cleared before purchasing. Your lawyer can advise you on how to proceed if there are liens on record but they aren’t being paid by anyone. This could result in foreclosure proceedings being initiated against both parties involved in any given transaction.
If zoning laws allow it and local building codes don’t pose an issue (or can be easily met), then purchasing real estate may be a great way for businesses like yours to expand their operations without having them move elsewhere entirely!
If you need to incorporate or dissolve a corporation.
If you’re forming a corporation, or if you need to dissolve a corporation, then it’s time to call in the professionals. A business lawyer can help guide you through these processes, which are often complicated and require special paperwork filed with state and federal agencies.
The benefits of incorporating include liability protection for shareholders (the owners), tax advantages and easy transferability of ownership interests. For instance, if one owner wants out, others could buy them out without having to go through an expensive public sales process like selling shares on the open market would require.
If you hire employees or independent contractors.
- Determining whether someone is an employee or an independent contractor. This is a critical distinction because it determines whether an employee is entitled to overtime and other benefits, such as workers’ compensation insurance. It also affects how much money you have to pay in taxes on that person’s wages. If they’re classified incorrectly, it could result in serious penalties.
- Defending against lawsuits filed by disgruntled former employees who think they were treated unfairly during their time on staff. For example, if they think they should have been paid more than minimum wage for doing certain tasks (even though those tasks were not part of their job description).
- Preparing necessary employment agreements, such as contracts, non-solicitation and/or non compete documents.
If you have questions about how to structure your business
If you are wondering how to structure your business (e.g., sole proprietorship, corporation, limited liability company, partnership, etc.), then it’s time to talk with a lawyer.
Choosing the right business structure is important because each type has distinct advantages and disadvantages that affect your day-to-day operations, personal liability and tax obligations. Following is a quick snapshot of the most common types:
1. Sole Proprietorship
A sole proprietorship is the easiest to set up and is controlled by one person. That one person keeps all the profits, but is also responsible for all debts and liabilities. A sole proprietorship is distinct due to the absence of any legal distinction between the “owner” and the “business,” making it a one-of-a-kind business structure. This means the owner’s personal assets can be at risk if there’s legal or financial trouble.
2. Partnership
- General Partnerships: Each partner is equally involved in the operation and management of the business and assumes responsibility for any legal claims and debt, even if they have to use their personal resources to fulfill any obligations. General partners may have unlimited liability.
- Limited Partnerships: This structure consists of both general partners who are involved with the daily operations of the business and have unlimited liability, and limited partners who contribute capital to the business, but are not involved in the operations or management. Unlike general partners, a limited partner’s liability is limited to the amount of money they invested.
3. Corporation
- C-Corporation: This type is the most common, shielding its owners from debts and obligations. Key features include limited liability, perpetual existence, ease of raising capital, and double taxation (once on the corporate income and once on the dividends paid to shareholders).
- S-Corporation: This type of corporation also offers certain liability protection, however, it is not subject to double taxation. In addition, S-Corps are limited to 100 shareholders that must be U.S. citizens or residents, must meet specific criteria, and obtain IRS approval.
- Lawyers will often work with accountants to ensure the right type of entity is created for the circumstances.
4. Limited Liability Company
What Does a Business Lawyer Do?
Business lawyers are responsible for advising clients with regard to all legal aspects of business, from structuring and forming a new business to purchasing real estate. They help clients draft contracts, such as non-disclosure agreements and employment agreements, that specify the obligations of each party. They also draft and review contracts between companies, employees and other business entities. Business lawyers may also help their clients with corporate governance issues such as stock ownership, investment decisions and retirement plans. Many business lawyers specialize in specific areas of law such as bankruptcy law or estate planning.
In addition, business lawyers can help with many different areas of law, including tax laws that apply specifically to businesses; antitrust regulations; labor laws governing employee compensation, benefits and working conditions; intellectual property protection (copyrights and patents); corporate governance rules that dictate how publicly held companies operate; regulatory schemes governing the financial markets; securities regulations affecting shareholder rights in public companies; and bankruptcy laws designed to protect creditors when an insolvent company cannot pay its debts.
Business lawyers help clients draft documents.
As previously mentioned, business lawyers draft legal documents, such as contracts, non-disclosure agreements and employment agreements. Contracts are a way for two parties to formalize an agreement about something that they want or need from each other. The type of contract a business lawyer helps you draft may depend on the nature of your business relationship: whether it’s an oral agreement between friends or an enforceable legal document with terms and conditions spelled out in detail.
Contracts come in two main varieties: binding and non-binding ones. A binding contract has legal force. For instance, if someone breaks their promise under such an agreement, they can be held accountable in court for their actions – or lack thereof! In contrast, a non-binding contract does not have any real consequences if one party fails to live up to its terms. Rather than being legally enforceable by itself (as opposed to through some other means), this type of document simply sets expectations between two parties while establishing their relationship moving forward.
They also draft and review contracts between companies, employees and other business entities.
Business contracts can be used to define the scope of work, payment terms and ownership of intellectual property. For example, if you are hiring a freelance writer to write your website content, it is important that both parties understand what they are getting into. The contract should clearly state who will do what and when it needs to be completed by. This can help prevent misunderstandings later on in the relationship if one party decides not to follow through with their end of things after initially agreeing on them in writing (such as delivering content sooner than expected).
Business lawyers may also help with corporate governance issues.
FREE Business Lawyer Consultation
Don’t let legal challenges hold back your business success! Are you facing legal uncertainties that threaten the stability and growth of your business? Legal hurdles shouldn’t be the roadblock to achieving your entrepreneurial dreams. You need a savvy, dedicated business lawyer who will protect your interests and guide you through the complexities of the law.
Take the first step towards legal peace of mind by scheduling a free consultation. Call Hillyard, Anderson, & Olsen at (435) 752-2610 today.