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Snow Jensen & Reece Law Blog

What steps can be taken to ensure a proper business succession?

If you've built a successful company from the ground up, then there's a strong likelihood that you're looking to do what's necessary for it to remain viable once you've either retired or passed on. Planning for the future of your business is a process known as succession planning.

Perhaps one of the most important steps in the business succession process is identifying your successor. Depending on the size and nature of your business, some industry experts note that you should begin this process up to 15 years prior to your departure from your role.

How to correctly dissolve your corporation in Utah

Winding down your business or shutting up shop is a bit more involved that simply taking down your website or putting a closed sign on the door. While the jurisdiction you live in and your business' incorporation will both greatly impact what steps you should take, there are some standard processes that should be adhered to by all types of businesses.

You should start by reviewing your company's Articles of Incorporation to find out what steps are necessary to take in order to dissolve your business. Doing so may require you to give written notification or to hold a vote and for two-thirds of the company's shareholders to consent in order to move forward with the dissolution.

Things to avoid when signing a commercial lease

As many regulations that exist related to the handling of residential real estate transactions, they are very few in place that restrict how commercial ones should be handled. It's because of this that you should be quite vigilant when negotiating a commercial lease with your landlord.

With commercial property leasing, it's not all that uncommon that a landlord will try to rope you into signing an long-term lease, such as one lasting 10 years or longer. If they seem to be unwilling to budge on the length of the lease, then you want to try to negotiate some type of concessions agreement. As as example, you might ask them to remodel the rented space or allow you to earn free rent over time.

Why women should engage in estate planning even more than men

In the United States, women generally outlive men by nearly five years. Although they may live longer than their male counterparts, they earn far less income than men over the course of their lives. The combination of these two factors makes it even more critical that women engage in estate planning just as much, if not more, than men.

Women who have taken time out of the workforce for a period of time, such as to stay at home with the kids, have far less invested in their retirement funds than their spouses. If that income stops coming in, then that can greatly impact the woman's ability to live as comfortably as she once did. Estate planning can help you prepare for this.

What's the role of corporate bylaws and what should they include?

If you've gone into business with others, then most likely you've heard the term "bylaws" thrown around. The term refers to the set of rules that a board of directors sets that a business entity must abide by when incorporating itself. Bylaws are often written by a corporation's owners when it's founded.

Bylaws are different from a company's Articles of Incorporation in that the former doesn't have to be filed with state or federal authorities as is the case with the latter. Even though bylaws aren't required to be filed with the Secretary of State, it's still important to keep them within easy reach in case your company gets audited.

The benefits of hiring in-house counsel to support your business

As your business starts to grow, you may find it prudent to hire an in-house legal team. They can be utilized to help you address a number of issues that may arise as your company scales including handling personnel disputes, addressing financial and tax concerns, reviewing contracts and buying out other firms.

In crafting this legal team, you'll want to make sure that the attorney you're considering hiring will mix well with your existing team. You'll also want to make sure that he or she has the necessary skills to help grow your business in the direction you're looking to take it in.

Options to pursue in dealing with encroachment

You have an expansive piece of land and someone decides to erect a structure on it either purposefully or because they didn't do proper surveying to get the property boundaries just right. What's described above is encroachment. It's one of the more common reasons real estate disputes get underway.

If you suspect that a neighbor has overstepped his or her property's boundaries, then you'll want to have a surveyor come out and mark where your property starts and ends.

Have you considered a charitable remainder trust? - III

In a series of ongoing posts, we've been examining how those who find themselves in the unexpected position of being able to leave a not insubstantial amount to a favorite charity need to carefully consider all of the their options, including the creation of a charitable remainder trust. 

To recap, a charitable remainder trust is an estate planning instrument that facilitates the giving of sizeable charitable gifts while simultaneously providing the trust creator -- i.e., the trustor -- with considerable advantages relating to income tax, estate tax and capital gains tax.