Our firm has helped hundreds of companies of all sizes in the area of business formation and maintenance in Utah, Idaho, and Wyoming. We offer counsel to companies in the process of deciding which type of business entity will afford them the best business structure and asset protection strategies, based on the state or states in which the business is established.

Choosing the Right Business StructureBusiness owners in the Mountain West may choose from a variety of business structures, including:

Whether a sole proprietorship, corporation, partnership, or LLC is the best structure for your business in Utah, Idaho, or Wyoming, an experienced business formation attorney can help you not only determine the proper structure for your business, but also create your business with maximum asset protection and minimum risk in mind.

Sole Proprietorships
For many small business owners, a sole proprietorship may be the easiest type of business structure to set up. A sole proprietorship is just that: one person is responsible for all activity in the business. But it also means that the owner and the business are one and the same, and that the owner assumes all risk associated with the business.

Corporations
A corporation is an independent business entity that is owned by shareholders. The corporation itself is responsible for any actions performed by the business and is liable for any risks or debts incurred. The shareholders themselves are not responsible for the actions of a corporation.

Wyoming Corporations
We enjoy a long-standing working relationship with Wyoming Corporate Services, Inc., with whom we work to draft documents of incorporation for businesses wishing to take advantage of Wyoming’s business-friendly environment. Please contact us at 801-932-1238 to discuss the incorporation packages we offer.

General Partnerships
A General Partnership is essentially a group of two or more people acting as co-owners of a for-profit business. General partnerships may be set up with either a written or oral agreement between co-owners, but it is advisable for partners to have a written agreement drafted by a skilled business formation lawyer.

Limited Partnerships
Limited Partnerships are regulated more closely than General Partnerships. Members of Limited Partnerships are allowed to invest in businesses as “silent partners” who do not assume unlimited liability in the event of business failure or bankruptcy.

Limited Liability Companies (LLCs)
LLCs offer business owners many of the advantages of a partnership while offering some of the tax advantages and protections of a corporation. Like a limited partnership, an LLC gives partners limited liability in the event of any loss or legal action. In addition, partners in an LLC can also take advantage of the more favorable tax status given to partners in limited or general partnerships.

Attorney Graham Norris and his associates at the Norris Law Group have decades of experience in business creation and maintenance in Utah, Idaho, and Wyoming. Contact us today at 801-932-1238 or online for a free consultation.