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Q&A for Corporate Formation and Governance

 

 

Q:  What is the first step in setting up a business in Utah?  

A:  There are many options to accommodate all types of businesses and situations.  We can help you understand the benefits of each and help you to understand your choice of entity.  Additionally, we can help form the entity and document your agreement with your business partners.   

 

Q:  What are Articles of Incorporation? 

A:  Articles of Incorporation is a document that must be filed in order to set up a corporation in Utah.  It contains vital information about your new business.  Generally, the Articles are rules by which the entity will abide that you don’t want to change frequently.  They act like a constitution to your business.

 

Q:  What are bylaws?

A:  Bylaws serve as a supplement to the Articles of Incorporation.  They are more specific in the powers that are given to the different managers and shareholders of a business.  Bylaws also state other directives under which the business will be run. 

 

Q:  Why should I hire an attorney to form my business? 

A:  An attorney can help you fully understand the differences between different entities, help you protect yourself from liabilities, assist you in filing the proper documentation, build a plan for disagreements amongst partners, and help you understand the tax ramifications associated with the entity chosen.  

 

Q:  I have a business partner, should I have a partner agreement?

A:  Absolutely!  We advise anyone in business with another person, even with a family member, to have a written agreement.  We can help you draft an agreement that will help minimize disagreements, help make known each partner’s expectations and responsibilities, and detail how to handle disputes and other issues like the death or disability of a partner. 

 

 

 

 

* The information contained on this website is not to be taken as legal advice and my be incorrect.  Laws vary from state to state and change.  Consult with an attorney to understand how these issues affect you.