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Snow Jensen & Reece Law Blog

What are some of the benefits of forming as an S corporation?

Although setting up a business as a limited liability company (LLC) has long been a preferred option of many small business owners, an S corporation has also been quite popular.

An S corporation provides many of the same legal protections that LLCs offer with many more tax benefits that they don't. In terms of taxation, S corporations allow the businesses' profits and losses to be claimed directly on the personal income tax returns of the individual shareholders. This is quite an attractive option for these individuals as it avoids them having to pay federal taxes more than once.

Salt Lake City to be a top producing real estate market in 2018

Utah's capital city, Salt Lake City (SLC), is slated to be one of 2018's top ten most booming real estate markets in United States. As we start 2018, SLC is expected to become the sixth most booming market in the United States. Interestingly, St. George, Utah's not-too-distant neighbor, Las Vegas, is expected to become the number one producing market this upcoming year.

Home prices reported increased by record numbers in SLC during the 2017 calendar year at 5.5 percent. The increases are expected to be at least 2.3 percent less in 2018 though, which means homes will be even more affordable this upcoming year.

What is a guardianship and what does the guardian control?

A guardianship gives one person the ability to make decisions for another should he or she become either temporarily or permanently disabled. The incapacitated individual that a guardian may be appointed to represent is known as a ward.

Establishing a guardianship can either be a voluntary or involuntary practice. While you are creating your estate plans, you may draft both a medical directive and durable power of attorney to spell out your wishes if you are unable to take care of yourself. In contrast, if you don't have these in place before the onset of your injury, then a judge may be asked to step in and appoint one him or herself.

Setting up a joint venture via either agreement or incorporation

If you've come up with a business idea but feel that another company would be better suited to manufacture, market or distribute it, then you may decide that pursuing a joint venture is best. This type of business structure is often used by two companies who wish to collaborate on making a particular aspect of their business more efficient.

Many companies that join together to work on a joint venture set up a new corporation to do so. It can take the form of a limited liability company, corporation or partnership. It's through that new company that the two distinct partners may invest startup funds, manage proceeds and operate their business.

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.

Save Money: Know Who Bears the Risks of a Subcontractor's Bid

Today, we are going to step back to 1960, the year of bouffants, John F. Kennedy, and contracting lawsuits. Many people ask about subcontracting bids and when they become valid or enforceable under Utah law. Union Tank Car Co. v. Wheat Bros. provides an excellent illustration on that matter.

Who is Responsible for an Accident Caused By a Car Thief?

Everyone knows they can be liable for an accident they cause while driving. Something not everyone knows: they can be liable for an accident someone else causes while driving. Cruz v. Middlekauff Lincoln-Mercury, Inc., a case that went before the Utah Supreme Court in 1996, shows us how.