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Snow Jensen & Reece Law Blog

What are the benefits associated with mergers and acquisitions?

When it comes to a company deciding to expand either domestically or internationally, many elect to either merge with or acquire new companies in order to give themselves a competitive advantage in the market.

Companies who merge with or acquire other ones often do so in an effort to increase their knowledge of an area of expertise that they lack. For example, one entity may be particularly well-versed in logistics, something that you, as the company looking to partner with them, may lack.

How does having a retirement account impact estate planning?

When it comes to estate planning, you shouldn't forget to address your retirement plan when getting your affairs in order.

As you embark upon end of life planning, you'll want to look at your retirement plan and make sure you've designated a beneficiary that you're comfortable with. If the person listed on those documents is not whom you expected or whom you'd want to receive your benefits if you passed away, then you'll want to remedy that.

Real estate attorneys are beneficial to have around pre-purchase

Buying a home always is an involved process, but it can be particularly complex if it's your first time doing so. That's why, even if your jurisdiction doesn't require to have your own attorney present to close on your property, you should. You may also benefit from having one review your purchase contract.

One instance in which you may find it in your best interest to have a real estate attorney read over your purchase contract is the property that you're buying features improvements such as trees, pools, fences, carports or sheds.

The benefits of setting up an S versus a C corporation

Once you become committed to setting up a business, choosing between the many different incorporation options can be difficult to do. A standard C corporation and an S corporation each carry with them different advantages and disadvantages.

When it comes to ownership of an S corporation, only those who are either resident aliens or U.S. citizens are allowed to own them.

It's important to have a plan for transferring a family business

Some reports cite that there may be as many as 5.5 million family-run businesses in the United States. It's estimated that these corporate entities contribute just over $8 trillion to the American economy each year.

This equates to at least 57 percent of this country's gross domestic product. These companies hire as many as 63 percent of all American workers. They're also responsible for 78 percent of all new jobs created.

What are a company's bylaws and what should they include?

One of the first steps you should take after you form your corporation is to draft its bylaws. They serve the purpose of spelling out both the procedures and standards the corporation intends to uphold during its time in existence. It also dictates what activities the company will not engage in as well.

A good rule of thumb is that the larger the business, the more complex its bylaws will be. Some of the more standard details often contained in the bylaws, though, include such details as the corporation's name as well as details regarding the location it operates its business from.

Concessions are an important part of your business lease

When it comes to finding office space, many new business owners think that the hard part is over when they finally find a property that will work for them and their needs. Doing so is often only half the battle, though. Negotiating the terms of a lease agreement, and the concessions that you may ask to be included in it, can be just as hard.

Concessions that may be included in a lease can greatly benefit a business. Take for example tenant improvement allowances (TIA). When this type of concession is written into a lease, it can give the business owner (tenant) access to funds to either build out or renovate their rented space so that it better meets their needs.

Why should I take out liability insurance for my Utah company?

Companies that have no more than 500 employees are considered to be a small business in the eyes of the Utah government officials. Interestingly, according to the Utah Small Business Association, 97 percent of all employers in the state are considered small business owners. While nearly 60,000 of those businesses have employees, more 183,000 are run by and employ a single person.

Under Utah state law, any company that employs at least one employee is required to take out workers' compensation insurance for their business, that is, unless the company is operated as a sole proprietorship. There are a few exceptions to this rule though. Employers in certain industries such as real estate, agriculture, or housekeeping may not have to maintain coverage. Some members or partners in LLCs may not either.

The importance of having a living will, even if you're young

While many Americans age 65 and older have wills in place, few take time to have an advance directive, also known as a living will, as well.

Even fewer people from younger generations have them. They often believe that there's no need to do so as they don't anticipate becoming incapacitated, or unable to make their own medical decisions themselves. They often don't stop to consider the angst it causes their loved ones by forcing them to render decisions for them.

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.