Snow Jensen & Reece, P.C.

Offering Professional Legal Services to
Individuals and Businesses Since 1986

Call Us Today 866-602-1762


Snow Jensen & Reece Law Blog

Understanding the benefits of publicly-held corporations

Many companies in the state of Utah decide to keep their shares private between owners, and there are many potential benefits to this. These companies are often referred to as closely held companies.

Other companies, however, come to the conclusion that it will be beneficial for them to open up their company in order to make it possible for public individuals to purchase shares. This can increase the potential for external investment; however, it also means that the company will be subject to very stringent requirements when it comes to reporting. This is to ensure that public buyers are not misled or coerced by inaccurate information.

Can I cancel a contract to buy a house in Utah?

You found the house you want to buy in Utah, make an offer, sign the real estate contract and put down a large deposit.

A few days later, something happens. Maybe you unexpectedly got laid off. You discover the house needs a new roof. You found out the baby you're expecting really is triplets and the new house just won't be big enough. Or you have major cold feet.

What must I do when selling a house with a notorious past?

You have a property you hope to sell on the market. But you have an unusual challenge facing you. The house has a murderous history attached to it. What should you do?

There are many homes on the market that have unfortunate histories attached to them. If yours is one, there are some things that you should know before putting it up for sale.

Tips to help you prepare your children to take over your company

The most valuable asset you own is your business. You're very proud of it and you have put decades of your life into it. After you retire, you hope that your children and their children can keep it going for generations to come.

This is a delicate situation because you cannot assume that your child will be great at running your company just because you are. The following tips can help the transition go smoothly.

Who can be a personal representative in Utah and what do they do?

When a person drafts a will, they'll be asked to appoint an executor of their estate to handle their final affairs. This individual, who's also known as a personal representative, is generally made aware of their role beforehand by the person writing the will, or testator, dies. Their responsibilities only kick in once they're notified of that person's passing.

After the testator passes away, the executor must locate the decedent's most recent will and file it with the local probate court. Soon after doing this, they'll be asked to appear in front of a probate court judge where they'll be informed of their responsibilities and asked whether they can handle them.

Independent contractor agreements protect each party's interests

Any time anyone enters into a business relationship with someone else, it can always be helpful for the two parties to draft a contract. It should define their relationship with one another, what services will be provided and for what amount of pay, as well as liabilities, that one or both may assume. Drafting such a contract can be beneficial for both parties involved.

At the beginning of that agreement, it should clearly define the role of the party that is carrying out the work as either a contractor or consultant. Having this clearly stated will be critical if further clarification is needed about your employee classification. It can also affect how you're able to file taxes.

Utah's housing market is becoming eerily similar to California's

The business news site Utah Business released a report on August 30 calling Utah's housing market the "next California." The commissioned report was authored by researchers with the University of Utah's Kem C. Gardner Policy Institute. They described how Utah now has less inventory of available homes than the current amount of households that need housing in the state.

In addition to having a shortage of homes, researchers working on the study described Utah as having a "looming" affordability crisis. They noted that unless something is done to curb increasing housing rates in the state, then the amount that the average family spends on providing a roof over their head will soon reach 50 percent of their annual household income.

Half of people with children do not have a will

You may have heard that most Americans do not have a will, and perhaps you are one. A common excuse you hear in this situation is quite simple: "I don't have children. Why would I need an estate plan?"

The logic is that you only really care what happens to your estate when it will be divided among your children. If you're not married and you do not have kids, it feels a lot less urgent.

What should I include in a leasing conract?

Contracts to lease a property are flexible legal documents that property owners draft in a way that satisfies their unique needs and concerns for their property. However, there are certain essentials that your leasing agreement should include to avoid the possibility of legal trouble later down the line. These essentials for your leasing agreement include:

A sufficient description of the leased property

Utah's home inventory is declining while sales prices are soaring

A limited inventory of houses is causing home prices to steadily increase across in many parts of Utah. This is occurring at the same time that thousands of prospective new residents are being attracted to the state by its strong economy.

This has led the Salt Lake Board of Realtors president to conclude that it's likely that the housing market in Utah will likely remain tight for the next few years. Data presented at a meeting of the Salt Lake Board of Realtors at the end of the July showed that home sales in that county decreased by nearly five percent between April and June of this year compared to the same period last one.