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Deciding on a Business Structure in Utah

by Norris Law Group on October 13, 2014

Deciding on a Business Structure in UtahIf you are considering starting a business in Utah, you may have already noticed that you have a lot of decisions to make. One of the first—and most important—choices any business person must make is how to structure the business. The Utah Governor’s Office of Economic Development offers a free online guide titled How to Do Business in Utah for potential and existing business owners.

Beginning on page 4-1 of this guide, the State offers some advice as to how businesspeople can decide which business structure may be right for them. First, the guide suggests that it may be wise to consult with one or more professionals, such as bankers, accountants, attorneys, financial advisors or tax preparers. These people may be able to offer targeted advice as to which business structure may be right for a given business.

A main reason why setting up the right business structure is so important is because the structure of business can determine the level of liability protection the owner(s) will receive. The structure can also affect other aspects of a business, including access to capital, the ability to transfer ownership rights, stipulations about how the business will be affected in the event of the owner’s departure or death, and tax considerations.

Throughout this week, we will examine different kinds of business structures available in Utah.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

 

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