Business Law Attorneys in Utah
Our business law attorneys are experienced with the formation of a new business. There are several different types of business entities to choose from, including sole proprietorships, partnerships, limited liability companies, and corporations. Each entity type has its benefits, and our attorneys can help you form the entity that is right for your situation.
We Understand Business
Running a successful business requires knowledge about complex business taxation, compliance with federal, state, and local business rules and regulations, employment laws, corporate governance, real estate laws, contract law, and many other areas. Just as you know your product or service inside and out, we know business law. We can help. Here are just a few examples of how Hepworth Murray can assist with your business needs:
- Entity Formation
- Lease & Contract Review
- Asset Protection
- Employment Contracts
- Employer Wage Claim Defense
Types of Entities
Sole Proprietorships. A sole proprietorship consists of a single individual who owns and operates a business, typically using his or her own assets. This is the simplest form of business ownership, however, a sole proprietor faces unlimited personal liability for all debts and obligations of the business.
General Partnership. A general partnership is an association of two or more persons who have chosen to carry on as co-owners of a business for profit. Partners in a partnership are jointly and severally liable for all debts and obligations of the partnership.
Limited Liability Company (LLC). An LLC is a hybrid business entity that provides its members with limited liability as if they were shareholders of a corporation but treats the entity and its members as a partnership for tax purposes. An LLC offers many of the best features of a partnership combined with the best features of a corporation.
Corporation. A corporation is a legal entity that exists separately from and independent of its owners. A corporation has many of the same powers, rights, and duties of a natural person. The benefit of this business entity is that neither the shareholders nor the officers of members of the board are personally liable for the corporation’s debts and obligations, unless they have personally guaranteed those obligations or unless the corporate “veil” can be “pierced.”