When going into business with someone, it’s essential to obtain legal advice to ensure both parties agree with the terms of the business relationship. This means you will want to find a business attorney in southern Utah.
The main reason to hire a business attorney is to draw up a contract, which consists of two or more parties entering into a legally binding agreement. Its specific definition is “a legal document between parties that spells out just what is expected and required of each party.”
Oftentimes contracts don’t see the inside of a courtroom and you may feel like your business transaction can survive on a verbal agreement, which can be legal in certain situations; however, if a problem does arise, a written contract will protect both parties.
Valid contracts not only need to be clear and specific, but they need to meet specific criteria to make them enforceable.
Business contract categories
The four most common business contracts are general business, property contract, sales, and employment.
General business contracts cover different manners of business including the formation of a company and partnerships involved in joint ventures and the sale of purchased stocks. It can be important for a business to have indemnity agreements and non-disclosure agreements issued to its contractors and other third parties. This type of business contract can also include agreements including franchise contracts or the agreement to sell the business.
Businesses don’t frequently sign a lease contract, but in case, it is needed, it can cover parking arrangements, maintenance expectations and security deposits, and whether or not pets are allowed on the premises alone or not. It is also important to take note of if the contract requires the lessee to obtain tenant’s insurance, and maintain upkeep and property alterations.
A sales contract is the most common business contract because every sale or purchase needs a legal agreement. Sales contracts give details about how goods, properties, and services are sold, purchased, returned, and transferred. An example of a sale contract is a bill of sale.
Employment contracts are what set the terms of an individual’s employment. It covers services for hire, dog walkers, distributors, independent contractors, and sales reps. It also includes a termination agreement when someone is fired. Non-disclosure agreements are a type of employment contract that companies use to protect themselves from the liability of employees. Non-compete contracts prevent a valuable employee from being poached by a competitor. There may be other examples of employment contracts, but these are the most common ones.
The southern Utah law firm Ruesch and Reeve offers help with resolving disputes within businesses using mediation and arbitration, disparagement, breach of contract claims, corporate litigation, employment and tort claims, deceptive and unfair business practices, creating business contracts, assistance with business planning, and creating a corporation.
If can reach out to a business attorney in southern Utah to assist with your business needs.
It is recommended that businesses that use contracts on a regular basis look over them every so often to ensure it still upholds the current law.
Why hire a business attorney
Other reasons to hire a business attorney in southern Utah besides drawing up contracts include:
A successful business is built on a strong foundation, and you can start building your business’ sturdy foundation by corresponding with a business attorney in southern Utah about all matters of incorporation. If you decide to partner with another organization, your lawyer will be there to ensure the transition goes smoothly and to ensure you don’t sign any documents that you shouldn’t. These are early decisions that can make or break a new business over the long term.
The seller of a property is going to do everything in their power to get the best deal for their benefit. When you are looking at buying a property, your lawyer will review contracts and leasing agreements to ensure they’re legitimate. Your lawyer’s job is to review complex documents with intricate attention to detail and grant approval.
Typically, intellectual property specialists will oversee patenting and copywriting, but your lawyer can get the ball rolling while you focus on building your company. You will want to ensure your business attorney in southern Utah specializes in the certain type of work you are looking for, and if they don’t, they should have connections to recommend someone who does.
If you are involved in any type of business, it is smart to have a lawyer on retainer because people can be quick to sue in hopes of a financial windfall. In the case someone files a lawsuit against you, you don’t want to wait until after a lawsuit has been filed to start looking for a lawyer for your case. You want an attorney ready to strike.
If a lawsuit occurs, your lawyer will compile the necessary documents to prepare for litigation. If you are at fault in the lawsuit, your lawyer can help mitigate the damages.
Disgruntled employees can harm your business whether it be leaving poor reviews on major websites or file workers’ compensation claims or lawsuits. By obtaining a lawyer for your business, they can combat these potential problems with their knowledge of codes, regulations, and laws. Your lawyer may even be able to identify issues before they arise and inform employees of the laws and their rights as employees. Hiring adequate employees and an expert business attorney in southern Utah will provide a strong foundation for your business.
Buying and selling
If you plan on growing your business such as acquiring property, buying out competitors, or branching into new industries, an attorney can be helpful in the process. They will assist with acquisition and purchasing agreements, advise on buying and selling decisions, and explain legal documents that may be confusing to you.
Every business venture is risky for your investors and stockholders, so having a business attorney to seal the deal on contracts and civil actions will give your investors a sense of security and put them at ease. They will feel safer knowing an attorney is watching over the company, which allows you, the business owner, to focus on the success of the business and push investors to contribute more to the company.
As you get deeper into your business, you will come to realize that you need input from your business attorney on major decisions such as restructuring, terminating high-level employees, and handling major crises. You may also be forced to pivot your company in a new direction due to changes in the market, and your attorney can help east the strain on those involved.
Business attorneys will help you with your business planning needs. Business planning consists of analyzing the client’s prospective business or existing business, and determining the property entity (corporation, limited partnership, limited liability company, sole proprietorship, or general partnership). The key to determining the proper business entity is identifying the short-term needs of the business and the long-term goals of the owners, and weighing those factors against the tax consequences and the complexities of the selective business entity.
In Utah, business planning often involves succession planning, which involves buy-sell restrictions and a plan to transition the business from one generation to the next.
Creating a corporation
If you are interested in creating a corporation, you will need to file Articles of Incorporation along with the Division of Corporation and Commercial Code. It is encouraged to consult a lawyer to ensure you go about the process correctly.
The following information needs to be included in the Articles of Incorporation:
- The corporate name (containing the word or abbreviation of the word “corporation,” “company” or “incorporated”)
- The purpose or purposes of the corporation
- The number of shares the corporation is authorized to issue. If more than one class of shares is authorized, each class must be designated along with a description of the preferences, limitations and relative rights of each class
- The name and address of each of the incorporators (one or more people can act as incorporators)
- The Utah street address of the corporation’s initial registered office and the name of its initial registered agent at such address
- Each incorporators signature
- A signed statement in the Articles of Incorporation
When you file Articles of Incorporation, you must include:
- One copy, originally signed Articles of Incorporation, and one copy of the original containing the information listed above
- The filing fee of $70