Business LawyersUnfortunately, if you own a business, there is a real possibility that you could get sued, especially if you don’t take precautionary steps to prevent lawsuits. In the event of a lawsuit, there are steps that you need to take so the damages and expenses are minimal. Even if you know some business law, you need to have a business lawyer on your side. Review the Lawsuit With an AttorneyLawsuits are complicated. Business Law is vast and complex. The legal system is complicated. Because of this, it is critical that you review the lawsuit with a qualified attorney so you know exactly what it is that you’re up against. In some cases, the lawsuit may not have been filed correctly and you can move to dismiss it altogether. However, if everything is in order, it’s important to review the allegations and put a litigation hold in place. This requires you and your company to preserve all data that may relate to the lawsuit. Keeping relevant documents, no matter how tangential, is crucial. These are your evidence and can be the difference between a win and a loss. Consult with our office to help you determine all the documents that you need to preserve. In Utah for example, a business is not allowed to be represented in court by its CEO or owner. So even if you own 100% of all the stock in a corporation, you still need a licensed attorney to represent your business in court. Do Not Communicate One-on-One with the Other Side Without Your LawyerWe all know the part of the Miranda rights where it says: “you have the right to remain silent, anything you say can and will be used against you in a court of law” — even in business law cases – this is a good guideline for how to interact with the other party suing you. Do not communicate directly with the plaintiff at all until you review the lawsuit with your attorney. Even then, all communication should be made through your attorney, who has a better understanding of how to keep you from giving the suing party more leverage against you. If the plaintiff is someone you cannot avoid communicating with, make it clear that you refuse to speak with them about anything regarding the lawsuit. You May Have to Inform Your Insurance ProviderDepending on the type of lawsuit, a business’ insurance policy will be able to cover the various lawsuits that may come against a business. If the suit falls under the scope of your insurance policy, sometimes a part or portion of the expenses of the suit will be paid by your insurance benefits. However, if you do not think that the suit will be covered by your policy, you must get in touch with your insurance provider as soon as possible so you can figure out the best course of action regarding your company’s insurance. We can help you determine whether this is necessary for your business in your specific case. Decide How to Proceed in the Business Lawsuit and Respond AccordinglyWhen you are given a lawsuit, you must typically file a written response (called an Answer) within 21 days or 30 days of service of the lawsuit. Consult with your attorney about what your best options are. At out office, we prepare and file the Answer on your behalf. Understanding the claims against you will guide you to the smartest response. Every suit must be dealt with differently, and regardless of what you decide, be sure your attorney checks your response or motion before sending it to make sure you’ve addressed everything properly. Do not ignore the suit, because this can lead to a Request for Default, which automatically gives the plaintiff the win in your case and forces you to comply with whatever judgment the court makes against you. It is better to fight now than to wait and deal with a judgment against you. Call Our Business Attorneys to Represent YouYou will need business attorneys to defend your case in court, and depending on the complexity, you may want one that specializes in the type of suit being put against you. Ensure that the attorney you choose is familiar with your case and, if at all possible, the court where the case has been filed. Legal defenses can be expensive so make sure that the attorney you choose is knowledgeable and communicates well. In our office, we have years of experience in West Jordan, Salt Lake City, South Jordan, Sandy, Midvale, Riverton, Draper, Magna, Alpine, Lehi, Tooele, Grantsville, American Fork, Pleasant Grove, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Midway, Farmington, Provo, Layton, and Heber City. Legal Advice for the LawsuitBe honest in your dealings with your business lawyers. Trying to cover things up will make the suit more difficult and it will come back to bite you. Be diligent, focused, and timely. Do not procrastinate reviewing what your business attorney sends you. Stay organized and on top of how the case is progressing. Do not forget your business and make sure that you continue to run it effectively despite the suit. Be proactive and take measures to prevent similar lawsuits in the future, especially in the HR department. Above all, remain calm and continue to work in the best interests of your company. Our office can help you get through the lawsuit and help stop similar lawsuits in the future. Free Consultation with Business LawyersWe want to help you with your business legal matter. Call us today to discuss your case either in person or over the phone. Get the information and legal answers you are seeking by calling us today. Call:801-876-5875
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 47 reviews
Mergers and Acquisitions Lawyer in Utah Business Lawyer in West Jordan Utah Gregory B. Lyle, Business Lawyer Business Litigation Attorney Salt Lake City via Michael Anderson http://www.ascentlawfirm.com/business-lawyers/
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Real Estate Attorney West Jordan UtahReal estate is normally a significant and substantial financial investment whether you are a business, an investor, or someone buying your first home. At Ascent Law, LLC, our real estate attorneys have handled thousands of cases over decades and we are ready to give you the legal help you need in real estate law. Solving Real Estate Legal IssuesIn every type of a property investment or real estate deal, our real estate lawyers are ready and able to offer to represent your interests. We solve title problems. We recently had a case where a second mortgage had been in default for years. The statute of limitations had expired on collecting on that mortgage. We were able to contact the lender and negotiate a settlement to remove that lien for our client. With a strategic partnership we have with a mortgage broker, we were able to not only solve the title issue for our client, but they were able to get a better interest rate and reduce their monthly payment. We understand title issues and title insurance. We have worked with title insurers, underwriters, as well as others to assure real estate titles are free from all encumbrances so you can refiance, sell or modify your loan. We also do mortgage foreclosures for lenders, investors, banks and others. Whether you need a lawyer for a bank issue, home loan company, servicing company or mortgages and home loan foreclosure issues, we are here to help. Real Estate LawsuitsWe concentrate our practice on real property litigation and we are also experienced in managing complex civil litigation involving contracts, quiet title actions, easement disagreements, joint owner real estate disputes, disclosure lawsuits, boundary line disputes, as well as other real estate legal disputes. So, whether you are seeking to recoup your down payment or you want to specifically enforce the performance of a real estate contract (or REPC), we have the experience to not only protect your rights and financial investments, but also fight for you in court. Landlord, Tenant, and Eviction CasesWhen a landlord and tenant fight, we can help you with your residential or commercial property eviction case. Both landlords and tenants have certain rights and responsibilities under both CC&Rs as wells as both city and state laws. When you are dealing with a real estate dispute, it is important that you protect your rights with a real estate attorney experienced with lease contracts and Utah landlord-tenant law. Our attorneys have done countless evictions over the years in Salt Lake County, Utah County, Davis County and Weber County. We can now help you in an eviction case as well as draft or modify your lease agreements to make sure you are in compliance with local and state laws and also to protect your rights in the event of a breach of contract. Breach of Contract in UtahA lot of real estate contract disputes arise when one of the parties to a contract breaches the terms of the agreement. We have seen this more and more over the years. We are experienced in aggressively pursuing the rights of our clients who are seeking to enforce a contract or protect against a breaching party. Our Utah real estate legal experience includes nont only breach of contract lawsuits, but also acquisition contracts, lease agreements, commercial real estate purchase and sale agreements, disclosures, REPC lawsuits, and construction agreements. We have represented both buyers and sellers of real estate in litigation and trial. Real Estate Development Law and Zoning CasesWe have represented developers of commercial real estate shopping centers, PUD sites, office condominium projects, and single family neighborhoods. We have drafted CC&Rs, Condominium Association Declarations; mixed-use developments and more. When zoning changes and alterations to a Utah city plan are required to develop land that you have purchased or have under contract, we will represent you as the developer before the city planning commission and in all county and city government bodies to assist you in getting your development plan approved. Construction LiensWe have drafted and recorded construction liens for our clients as well as litigated to have them removed. If you are a licensed contractor and you need to file a construction lien, please contact us so that we can move quickly to preserve your lien. If you do not follow the code when recording your lien, you may forfeit your lien or have a wrongful lien recorded which can subject you to the possibility of having to pay the other sides’ attorney’s fees and costs. Having a real estate attorney on your side is vital in this situation. Real Estate Purchase and Sale Agreements and LeasesWe tailor our drafting of real estate contracts and leases, both residential and commercial, according to your requirements and objectives. We have standard contracts that we have used in the past, but because each deal and each property is unique, we draft them to protect you and preserve your rights. Whether you want to do a wrap around mortgage, an installment land contract, purchase a property subject to the existing mortgage, or do a sale lease back agreement, we can help you formalize your agreement in writing. Homeowner’s Associations and Condo AssociationsWe provide legal guidance for HOA’s and Condominium Associations. Our real estate attorneys use both legal strategies and prior case law to help you make the right decisions for your association. In the event that you end up being involved in a conflict, we will fight for you. Real Estate Agents, Real Estate Brokers and Title CompaniesWe provide full service legal services or agents, brokers and also title companies. We can provide legal opinion letters, plan out options, review trusts, lending documents, or other transactional documents as well as help make sure that your real estate transactions close. We have also served as independent counsel to review cases to provide ideas on discovery and prosecution of cases as needed. ConclusionWe have offices throughout Utah, and our main office is in West Jordan. We also accept real estate cases if you are located in South Jordan, Salt Lake City, Sandy, Midvale, Riverton, Draper, Magna, Alpine, Lehi, Tooele, Grantsville, American Fork, Pleasant Grove, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Midway, Farmington, Provo, Layton, and Heber City. We recently settled a real estate dispute in St. George. We want to help you with your Utah Real Estate case. Call us today to discuss your case either in person or over the phone. Call:801-876-5875
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 47 reviews
Gregory B. Lyle, Utah Real Estate Lawyer via Michael Anderson http://www.ascentlawfirm.com/real-estate-attorney-west-jordan-utah/ Tax Attorney West Jordan UtahWhen it comes to personal and business taxes in Utah, there are essentially two government bodies that we work with. First is the Internal Revenue Service, also known as the IRS, and the second is the Utah State Tax Commission or USTC. Both of these entities are in charge of collecting and assessing taxes from businesses and individuals in Utah. Typically, most people can prepare and file their tax returns on their own each year; however, some businesses and individuals should have either an accountant or a tax attorney help them get their taxes done. Why Would I Need A Tax Lawyer?You should consider having a lawyer prepare and file your taxes if you have set up complex trusts, have business accounting issues, have had trouble with the IRS in the past, or if you are concerned about an issue in either your personal or business tax filings. Additionally, if you have received a CP 504 Notice from the IRS, or other tax notices which state that you have delinquent taxes owing, or if you haven’t filed your tax returns in several years; you should contact our office for guidance on how to proceed in your specific situation. Can You Reduce My Taxes to Pennies on the Dollar?Sometimes we can reduce or eliminate tax liability all together. For example, we have a client who is a high net worth individual. He invested his retirement savings with someone who scammed him, took all of his money, and then lost it all. That individual was later criminally charged and then, a few years later, our client got a notice from the IRS stating that he owed over $150,000.00 in taxes! Imagine his shock. He had invested his retirements funds and lost them and now he was stuck with a huge tax bill. We obtained a form 2848 (or IRS power of attorney) from him and we got to work. We were able to reduce his tax bill down to zero. Our client was very happy. Will the IRS Seize My Bank Account or Garnish My Wages?If you have delinquent taxes owing and no agreement with the IRS for repayment of those taxes; then, yes, the IRS has the ability to put a levy on your assets and begin aggressive collection actions. Usually notices will come in the mail from the IRS before such action is taken; however, we have seen cases where a spouse or employee has taken the mail and our client never received notice of the levy. You should make sure all of your taxes are paid and your tax forms filed on time. If you are delinquent, we can do an offer in compromise; an installment payment agreement or even get you on non-collectible status if necessary. What is an Offer in Compromise?An Offer in Compromise is when you offer the IRS less money than you currently owe on your back taxes to clear it off of their books and yours. We do an extensive analysis to determine your net worth pursuant to IRS standards. What your net worth is what you are required to “offer” to the IRS in order to settle your tax debt. We recommend that you speak with an attorney about any Offer in Compromise that you are considering. The information required in the offer in compromise and what deductions you are allowed can be very technical. If you put incorrect information on the forms, you could end up having your offer denied or rejected by the IRS. The IRS has specifically trained agents who review offers in compromise, so you need to be sure that you have a tax lawyer on your side who has done many of these types of cases. You should be aware that if you willfully engage in tax evasion, you can be criminally charged and even go to federal prison. There are no federal misdemeanor crimes, so you want to put the correct information on your tax returns, correct information on your offer in compromise, yet take every legal deduction, credit and offset that you are legally entitled to. For this reason alone, having a tax lawyer on your side is the first step you should take if you owe taxes to the IRS or USTC. Can a Business file an offer in Compromise?Yes and No. This is a good question. If you business is closed an no longer operating, you can file an offer in compromise for your business. If your business is still operating, you cannot file an offer in compromise. It will be rejected because the business is an ongoing concern. The IRS views businesses and revenue generating machines for them. If you have a business, the IRS will assume that you can pay all of your back taxes in full. They will want to put you into an installment agreement or have you close the business. What is an Installment Payment Agreement?An Installment Payment Agreement is a payment plan with the IRS or USTC. With the help of our office, we can contact the taxing agency and get you put on a payment plan. We work to get any interest, penalties, and fees waived, eliminated completely or significantly reduced. We typically need to set up these payment plans to be completed in 60 months. Sometimes, they can be for less than the total amount due and owing. Can I do an Installment Agreement for Business tax debt?Yes you can create an installment agreement for business tax debt. First, you can always put an installment agreement for back taxes. The problem usually shows up if you have an ongoing business the continually must pay taxes on a monthly or quarterly basis. If your back taxes are put on a plan, you must still stay current on all of your monthly and/or quarterly tax installment payments to remain in the IRS’s good graces. What is Non-Collectible Status?Non-collectible status (also called status 53 with the IRS) means that at this time you don’t make enough money for them to collect from you so they will leave you alone for a period of 1 year. Non-Collectible status can be renewed each year until you either are able to pay back the money to the IRS or if you are now in a position to make an offer in compromise. If you are in non-collectible status, it might be the best time to file an offer in compromise because you will be able to settle for pennies on the dollar because you don’t have much to offer. Utah Tax Attorneys that Fight the IRS for youAscent Law has several attorneys who are licensed and regularly practice in tax law, IRS settlements, and bankruptcy. We know the local IRS revenue officers and we can even meet with the IRS agents so you don’t have to. We have offices throughout Utah, and our main office is in West Jordan. We also accept tax cases if you are located in South Jordan, Salt Lake City, Sandy, Midvale, Riverton, Draper, Magna, Alpine, Lehi, Tooele, Grantsville, American Fork, Pleasant Grove, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Midway, Farmington, Provo, Layton, and Heber City. We want to help you with your IRS tax matter. Call us today to discuss your case either in person or over the phone. Call:801-876-5875
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 47 reviews
Can Taxes Be Discharged in a Bankruptcy? Michael R. Anderson, Tax Lawyer in Utah via Michael Anderson http://www.ascentlawfirm.com/tax-attorney-west-jordan-utah/ Business Lawyer in UtahAs Business Lawyers in Utah, we have seen too many horror stories of what can go wrong in your business to list them all. We’ve seen partnerships break up and fight. We’ve seen good businesses go South because one owner decided to make a choice without informing the other. We’ve seen business owners take contracts from the internet and use them (and ended up in a lawsuit later) and the list goes on. So how do you protect yourself in business? What should you do to make sure that you don’t lose your shirt if things ever go wrong? Start By Having a Good Business Lawyer on Your SideThe first step you really need to take is to make the choice to find a Utah business lawyer you can have ready to go at any time. You need to have someone who’s seen the ins and outs of businesses that succeed as well as ones that do not. You see, with Ascent Law on your side, you get a wealth of legal experience at your finger tips. You get seasoned litigators who have been to court and tried lawsuits in front of judges and jurys. You also get the experience of thousands and thousands of contracts drafted and the experience to make sure that your contracts are air-tight and iron clad. Why are Business Contracts So Important?Business contracts are essential because they dictate what you can and cannot do in relation to your business, your customers, and your suppliers. If you don’t have good contracts in place, even the best honest people around can forget or remember things differently that you do. Let me share an example — just recently, we had a case in court and the judge gave us and opposing counsel the ruling from the bench. We were assigned to draft the order for the judge to sign. We drafted it. The attorney on the other side objected to our order saying that it was incorrect. We then ordered a CD copy of the audio recording of the hearing. We then had the recording transcribed. We then made some minor changes to the order and then submitted it to the court for the judge’s signature. You know what happened don’t you? That’s right, the other attorney objected and said it was wrong. It’s been over 4 months and we have to go back to court on this issue in a few weeks. Imagine if two attorneys in court hear the same things differently; what are the chances that you and your vendor may have different understandings? It can and does happen all the time. For this reason alone you should always have your deals in writing. It prevents faded memories to cause problems later. What does a good Business Lawyer do for me?The first thing a good business attorney will do for you is figure out what you need. Depending on the size of your business, you may need to have employee policy manual put in place or updated. You may need to have training on non-compete agreements. You may also need to make sure you taxes are being filed correctly. You may need to have your insurance coverage updated. We’ve had a client for years who did not want us to do a business legal audit to evaluate what they needed legally — so we didn’t do it. But after about 3 years they got hit with a lawsuit because they hadn’t followed one of the regulations for their specific industry. Don’t let that be you. If you’re not sure if you have an issue or problem in your business – let us conduct a legal evaluation on your business to make sure you are 100% compliant with the law. The Utah Commercial Code is lengthy, but if you don’t want to do it yourself, you should have us help you to understand whether you are in compliance or not. Additional information is found with the Utah Department of Commerce where corporations, LLCs, and other Utah businesses entities are established. You can go to both of these resources if you want to do it yourself. Please keep in mind that depending on the type of business you run, there may be other Utah code sections or regulations that you must follow. We can help you if you have any questions about that. What Should I Do If My Customer’s Don’t Pay?Chances are that if you own a business, the bulk of your customers will pay and pay on time. However, especially in small businesses that offer terms, you’re likely to come across customers who pay late or not at all. In the event of this scenario, there are a few things you need to know. Preventative Measures: Standardize Your Business PracticesPreventative measures will help to decrease the amount of non-paying customers, and standardizing your business practices is the biggest preventative measure that you can take. Make your deadlines and invoices specific and your policies clear. Draw up a contract for every client every time. It may also be wise to use an installment based payment plan, rather than a single invoice sent upon completion of your end. You should also consider getting some or all of the money up front before you start working. We know that this is not always possible. Most importantly, however, make sure your policy includes steps for the customer to take if they are unhappy so they don’t decide to just not pay for your good or service. Collecting PaymentsNevertheless, you may still come across customers who refuse to pay for the work you’ve done for them. In this case, there are steps you can take to make sure you can collect these payments and your business doesn’t suffer. Since sometimes people just make mistakes or forget, reaching out to the customer is the best place to begin rather than giving us the file to start collecting. Most of the time, missed payments are nothing more than a mistake, and a quick reminder will get them to pay as soon as possible. Communication is key. Don’t be afraid to pick up the phone and make a call or send a quick email. That might be all it takes. The customer may assert that they lost the invoice in order to delay payment, so in this case, send an updated invoice immediately so they can’t abuse this excuse, even if you know they still have the original invoice. If a customer refuses to respond to your calls or emails, set an ultimatum for them. The ultimatum must have a specific deadline and a consequence. For example – if you do not pay $X in full by [insert date]; then, we will send your invoice to our business attorney for collections. When the date passes and you don’t get payment, call us and get us the invoice and we’ll start collecting on your behalf. This works especially well for ongoing service based businesses if you set a specific deadline where if they don’t pay, the service will be cut off. Additionally, request a timeline for payment and follow up until the customer pays, even sending the original contract, indicating that action will be escalated if they continue to refuse to pay. If all these measures fail, it is time to hire us. As corporate lawyer, we focus on helping you collect overdue payments, usually past 90 days. We will take the responsibility of following up with the customer off your hands, using their own methods to get the customer to pay. Though it usually does not come to this, as most nonpaying clients are not worth the time and money required to sue, filing a lawsuit may be necessary if the client owes you a large sum and refuses to pay your or a collection agency. If you do decide to file a lawsuit, we will help you determine the best way to proceed. Business Attorneys in Salt Lake City UtahAscent Law has several attorneys who are licensed and regularly practice in the Salt Lake City Third Judicial District Court and surrounding courts. We provide you with a local business attorney for Utah business cases. We have satellite offices throughout Utah, and our main office is in West Jordan. We also accept cases in the cities of South Jordan, Salt Lake City, Sandy, Midvale, Riverton, Draper, Magna, Alpine, Lehi, Tooele, Grantsville, American Fork, Pleasant Grove, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Midway, Farmington, Provo, Layton, and Heber City. Whether you have an LLC that you just started or a Fortune 500 company, we want to help you. Call us today to discuss your case either in person or over the phone. Call:801-876-5875
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 47 reviews
Mergers and Acquisitions Lawyer in Utah How Do Trusts Relate to Businesses? Michael R. Anderson, Utah Business Lawyer via Michael Anderson http://www.ascentlawfirm.com/business-lawyer-in-utah/ BankruptcyBankruptcy is an extremely long and large topic. Impossible for us to outline all of the issues that can be addressed in a bankruptcy case, but this article can give you an overview and provide you with the resources that you need to find the information that you want and need. What is bankruptcy?Bankruptcy is the legal process of asking the federal bankruptcy court for a discharge of your debts. Bankruptcy law is federal law and is set forth in the United States Constitution in the fourth Clause of Section 8 it states that Congress shall have power: “To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States” Click Here to Read the United States Constitution Yes, believe it or not, bankruptcy is a federal right that you have and can exercise by filing a petition for bankruptcy relief with the federal bankruptcy court. What are the chapters in bankruptcy?The chapters in bankruptcy are the bankruptcy code sections that are followed for the administration of your bankruptcy case. The chapters of bankruptcy are 7, 9, 11, 12, and 13. Chapter 7 BankruptcyA chapter 7 bankruptcy is the most common bankruptcy case. This is also called a straight liquidation or a fresh start bankruptcy. In this case, all of your debts that can be discharged are eliminated and erased by a federal discharge order at the conclusion of your case. These cases usually take about 5 to 6 months to complete. Chapter 9 BankruptcyA chapter 9 bankruptcy case is for cities and municipalities. Unless you are the mayor or governor, you don’t need to worry about this chapter so we won’t address it here. Chapter 11 BankruptcyThe chapter 11 bankruptcy case is typically called a business bankruptcy – but individuals can file until chapter 11 as well – it just is not very common because a chapter 11 case is very expensive to file and prosecute. Think of Sears, General Motors and Delta Airlines; all of whom have filed for chapter 11. Unless you have a business with over $2 million of dollars of value or debt, you need not worry about this chapter – if you do, give us a call to discuss your situation. We have done and do have some chapter 11 cases. Chapter 12 BankruptcyThe chapter 12 case is for people who farm or fish for a living. If you farm or have a fish hatchery, you qualify for a chapter 12 and we can go over the pros and cons of such a case when you meet with us. Chapter 13 BankruptcyA chapter 13 bankruptcy is the second most common bankruptcy case. This is known as a wage earner’s reorganization. In a chapter 13 you make regular monthly payments to a trustee who will pay back some or all of your debts over a 3 to 5 year period. The chapter 13 must be a minimum of 3 years and a maximum of 5 years. There are some exceptions to whether you have to go for the full 3 to 5 years that we can discuss at another time, but keep in mind – you have to make monthly payments. If you can’t or don’t, you case is dismissed an you lose the benefit of filing your case. Different Kinds of Debts in BankruptcyBankruptcy courts look at debts a little differently than you might. In bankruptcy, you generally have three types of debt: (1) secured debts; Secured DebtsSecured debts are debt that you owe to someone where there is collateral securing the loan. The best examples of this type of debt are a house and a car. Typically, when you purchase a car, truck or van, your lender gets what is called a purchase money security interest. This means they get a lien on your car until you pay the debt off. The lienholder information is written on the title to your car and the title is even held by the lender until the debt is paid. Once you pay off the debt, the lender certifies on the title that the loan has been paid in full. If you file for a chapter 7 case, you have essentially 3 options: (1) you can keep the collateral and pay the secured debt; or (2) you need to surrender or give up the collateral and the debt can be discharged; or (3) you can offer to redeem the collateral or in other words pay the lender the fair market value of the collateral and keep it. Priority DebtsPriority debts are child support, alimony, court ordered payments, taxes to the IRS or Utah State Tax commission. Typically these debts are not discharged – although some can be depending on the court order, type of debt and your specific circumstances – call us to discuss your priority debts. Unsecured DebtsUnsecured debts are credit cards, orthodontic bills, dental bills, clothing store bills, medical bills, and other debts that are not secured by collateral and have no priority. Will Bankruptcy get rid of my debt?Bankruptcy only gets rid of some debts. Depending on the types of debt that you have, you may be able to get rid of all of your debts. If all of your debts are unsecured, you are good to go. If you owe student loans, child support or alimony, you can get other debts discharged but not those priority debts. The question of taxes is a tricky one. We recommend that you speak with a licensed attorney to go over these questions in detail to determine whether or not you can erase a certain debt. Bankruptcy Can Be ComplicatedIn conclusion, bankruptcy is a vast topic and it can be very complicated. For hundreds of years, bankruptcy courts have made decisions and have made case law that is followed. Because the federal bankruptcy code is complex, you should have an attorney assist you in filing for bankruptcy in Utah. A qualified bankruptcy lawyer from our firm will be able to guide you to file the right chapter for you so you don’t lose your cars, your home or your other assets. Free Bankruptcy ConsultationWe offer a free initial consultation for individuals and businesses considering filing for bankruptcy. Even if you’re not sure, a consultation will help put you on the path to prepare for a bankruptcy if you need to in the future or get you on a different debt elimination plan that will work best for you in your specific situation. Call us today at (801) 876-5875 to schedule your free, no hassle, no obligation, initial bankruptcy consultation with a licensed attorney at Ascent Law, LLC. We look forward to meeting you and helping you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 45 reviews
How to File for Bankruptcy in Utah How do I know when filing for bankruptcy is a good idea? Michael R. Anderson – Utah Bankruptcy Attorney via Michael Anderson http://www.ascentlawfirm.com/bankruptcy/ DUI Lawyer Salt Lake CityAs Salt Lake City Utah DUI Defense Attorneys, we have seen all the ins and outs of what law enforcement can and cannot do. We are here to protect your rights, prove that you are innocent, or reduce your penalties if you made a mistake. We review police reports and all evidence to make sure that the police did their job correctly. If they didn’t, we’ll bring it to the judge’s attention and get your case dismissed (which we have done before for other clients). We’ll look over the police report and all the evidence they have against you. We’ll get body cam videos, dash cam videos, blood test results or breathalyzer tests and we’ll review any witness statements. We’ll make sure that if there is a way to get your case dismissed or thrown out of court, it happens. If we can’t get your case thrown out of court, we’ll either get you the best deal possible or discuss with you your options for trial. What is a DUI in Utah?A DUI (or in other states called a DWI) means driving under the influence of either drugs or alcohol. DWI means driving while intoxicated. In Utah, the DUI code is found under Title 41, Chapter 6a, Part 5 of the Utah Code Annotated. Click Here to read the actual statute. Is a DUI in Utah a Felony Crime or a Misdemeanor?You can get charged with a misdemeanor or a felony DUI in Utah. Usually, if it is your first offense, you will be charged with a misdemeanor. This is especially likely if you have not been in a car accident as a result of the DUI and if it is your first offense. In Utah, if you have prior DUI charges, second and third DUI convictions hold very stiff penalties. What is the Jail Time for DUI Convictions in Utah?If it is your first time being charged, please keep in mind that a charge is not a conviction. You are innocent until proven guilty or until you plead guilty. So, with that said, if you are convicted of a DUI in Utah, the minimum sentence is 48 hours in jail and for a second DUI conviction is 10 days in jail. These are typically misdemeanor charges. If you have a third DUI conviction within 10 years, you will automatically be charged with felony DUI. Additionally, you can be charged with felony DUI if you caused a serious accident because of being on alcohol or drugs. A serious accident is one where someone died or was seriously injured. If you are convicted of a felony DUI in Utah, you are looking at more than 62 and 1/2 days in jail (minimum) or up to 5 years in state prison (maximum). Can I Get My Jail Time Converted Into Community Service?The short answer is maybe. We have had cases where we have gotten jail time turned into community service; however, we need a good reason to ask for it and we need a way to show that you deserve it. Some judges are more harsh in their sentencing than others. The judge assigned to your case will play a big role as to whether or not you will be able to receive community service over jail time. Please keep in mind that judges are not bound by sentencing recommendations, so they can decide differently than we have worked out with the prosecutor in your case; however, our experience has actually never seen that happen – but it could. The facts of each individual case makes a difference as to what will happen. This is why you need our office on your side. With Ascent Law, you will have seasoned criminal defense lawyers who know the judges, know the prosecutors, and can get you the best deal, or even get your case dismissed. What are the Fines In DUI Cases in Utah?In Salt Lake City Utah, you are looking at fines ranging from $1,395 for your first misdemeanor DUI conviction; $1,940 for your second misdemeanor DUI conviction; and as little as $3,000 for a felony DUI conviction to as much as $9,250 in total fines due to the State. These, of course, are only due if you are found guilty. As your criminal defense lawyer, we get these fines reduced to as little as possible. For all DUI cases, courts lean toward rehabilitation now more than punishment. This means that usually the judge wants you to get better. Because this is the case, you usually have to get into some type of treatment or go to a clinic and have an evaluation done. If there is recommended treatment from a provider, you must get that treatment as part of your sentencing. If you need treatment, we can usually get the cost of treatment to offset your fines due to the court. What is the Minimum Blood Alcohol Content For DUI in Utah?As you have likely heard on the news, Utah now has the lowest blood alcohol content in the entire United States a .05 means that you are legally drunk and unable to drive. For some people this is just 1 or 2 beers. We recommend that you do not drink any alcoholic beverage and then drive at all. Because it is so low, the chance of being charged with a DUI is simply not worth the risk. Not only could you be charged, but you could injury yourself or someone else. Do Not Drink any Alcohol and Drive in UtahDrinking and driving is not only dangerous for the other guy but also for you and any of your passengers. You should refrain from drinking and driving as there is a significantly increased risk of car accidents, damage to property and injury to people. Prevention is always better than cure. Hence, drinking and driving should not go together. In all of the DUI cases we have done in Utah, there is not one where our client hasn’t had regret for what they did. Will my Driver’s License get Suspended?The heavy criminal DUI charges have already been explained above, but your car is likely to be impounded, and there is a mandatory suspension of your driver’s license. You can have a hearing to prevent cancellation of your driver’s license within 10 day; but even doing that it is unlikely that they will not suspend your license. Keep in mind that just being charged with the DUI will get you’re a suspended license. It doesn’t matter if we can keep you from being convicted, the DMV will still suspend your license. DUI Attorneys in Salt Lake City To Fight for Your RightsAscent Law has several attorneys who are licensed and regularly practice in the Salt Lake City Third Judicial District Court and surrounding courts. We provide you with a local criminal defense lawyer for local representation in DUI matters. We have satellite offices throughout Utah, and our main office is in West Jordan. We also accept cases in the Justice Courts located in South Jordan, Salt Lake City, Sandy, Midvale, Riverton, Draper, Magna, Alpine, Lehi, Tooele, Grantsville, American Fork, Pleasant Grove, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Midway, Farmington, Provo, Layton, and Heber City. Whether you have been charged with a misdemeanor or a felony, we want to help you. Call us today to discuss your case either in person or over the phone. Call:801-876-5875
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 47 reviews
What Qualifies as a Hit and Run Accident in Utah? Michael R. Anderson, Criminal Defense Attorney in Utah This information is current as of May 25, 2017. via Michael Anderson http://www.ascentlawfirm.com/dui-lawyer-salt-lake-city/ Injury Lawyer Salt Lake CityHave you been hurt in a car accident? Have you been the victim of a slip and fall injury? If you have been harmed and it’s not your fault, you may be entitled to recover money to pay your medical bills, your lost wages and for your pain and suffering. This may be the most important article you read this year. Injuries, Accidents and How Insurance Companies Settle ClaimsA slip and fall, car accident or intentional accident that leaves you injured but it can also leave you financially injured. Most of us think that we have insurance to cover such events, and while this is somewhat true, the insurance companies are primarily concerned with paying as little as possible while transferring the burden of the costs to you. This is why having an injury attorney on your side is so important. Most people living in Utah do not fully understand all of the minute details of how insurance companies really work. Insurance companies are generally looking to improve their bottom line and turn a profit for their owners – not pay your medical bills. Let us take a look at how insurance companies work with hospitals to save money and transfer costs to you, the insured. Personal Injury Settlements in Utah ExplainedIf you are in a serious injury or car accident and break your leg, the insurance company usually pays the hospital a percentage of the actual cost to treat your broken leg. This is because they have written contracts with the hospital to pay lower amount for their insured’s treatments. Typically, if you break your leg and decide to pay the hospital in full out of your own pocket, the cost would be $5,000 for example. Now most of us assume that our insurance company pays the hospital the full $5,000, but that is not the case. The insurance company will only pay a portion. For example they may pay $4,000 for the procedure. This happens because insurance companies create complex contracts with the hospitals at a discounted rate. If the hospital does not agree to offer a substantial discount, the insurance company will not allow the hospital to be in their “covered network” of providers. This means that the hospital will generally not be able to treat any of the people covered by the insurance company. This could potentially be thousands of patients for that hospital. Due to the insurance companies having the upper hand in contract negotiations with the hospitals, the hospital always negotiates and agrees to some form of a discount. Either way, the insurance company will always pay less than full cost for the procedure. If you have a the right injury lawyer on your side, the lawyer can also do this. We have done this for our clients. We can usually reduce medical bills if you’ve been injured. Unfortunately, this is really hard for you because you are the one that was injured and they want you – the end consumer or user – to pay the full price of what they charge. Depending on your insurance policy and coverage exemptions, you will most likely be required to pay for a portion of your medical care. This can include the deductible and any other special circumstances. Your policy may indicate that you are responsible for the first $1,000 of an inpatient stay (plus your deductible) and that the insurance company will pay the remainder. These amounts vary dependent upon your specific policy. If your insurance company can, they will shift as much of the costs to you as possible in a serious injury accident. This can result in you suffering huge financial difficulties. If your insurance company agrees to only pay a percentage of the cost of your treatment this will very likely be the way it is. For example, they may agree to pay 85% of cost. Now if you have a serious injury accident and the bill comes to $225,000 (which is not unheard of) then you would be responsible for $33,750 of the total bill. If you don’t have a personal injury attorney on your side by that time; then, you may have to consider filing for bankruptcy. That is something you shouldn’t have to do if you weren’t at fault. The good news is that attorneys at Ascent Law have experienced in both personal injury cases as well as chapter 7 and chapter 13 bankruptcies. If you have to file bankruptcy because there is no coverage anywhere and you are stuck with huge bills – we can help with this as a last option. Horror Story of Personal Injury Gone WrongWe’ve had a client who fell from a 3 story building on a construction site. This was during the great recession. Because the insurance companies denied coverage and the company owner went out of business, our client was stuck with medical bills in excess of $500,000. The good news is he was able to file a medical bankruptcy and get rid of all of that debt and move on with this life. He is lucky to be alive. What Should You Do If You’ve Been Injured In Salt Lake City UtahIf another person is at fault in your and you’ve been injured as a result of a serious accident then you face a big fight with that person’s insurance company. These companies will look for quick cheap settlements (or no settlement at all) and will try to take advantage of your lack of knowledge of what you are actually entitled to receive. Another example would be if both you and the person who is at fault have the same insurance company. This creates a whole new, and not uncommon, circumstance where your insurance company will try to save money on both sides of the issue. If you suffer from a serious personal injury, you need a competent and experienced lawyer to watch out for your best interests. Regardless of whether or not someone else is at fault for your injury you need a lawyer to help you through the process. Everyday thousands of Americans are getting a raw deal from their insurance company and most never even realize it; they just simply accept it as the way things work. The lawyers at Ascent Law work as a team and will help sift through the complex insurance coverage policies and will help you to find the parts of the policy that provide you with the most comprehensive coverage possible so you can recover. When faced with a serious personal injury the last thing you should have to worry about is how you are going to pay your medical bills. Unfortunately, it is a reality that you need to take steps to make sure that you will not be stuck with an outrageous bill that your insurance company should cover. A lawyer is the only one who is truly on your side when you are faced with a serious personal injury, because he or she is working for you and no one else. You’re next step is to call our office and speak with an attorney who cares about you, wants you to recover and wants to make the insurance company pay for your injuries. You need Ascent Law on your side. Call:801-876-5875
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 45 reviews
What are the Common Types of Personal Injury Cases in Utah? What has been your Experience in Handling Personal Injury Cases? Is Filing a Personal Injury Claim an Easy Process? Overview of Car Accident Cases in Utah via Michael Anderson http://www.ascentlawfirm.com/injury-lawyer-salt-lake-city/ Utah Bankruptcy AttorneysAre you being harassed by creditors calling you to collect? Do you feel stressed amount money and debt? Are you facing a foreclosure, bank garnishment or car repo? If you are struggling with money, you are not alone. Many are suffering in these economic times. Whether you have experienced a job loss, medical bills, or financial trouble, we are here to help. Ascent Law is a team bankruptcy lawyers in Utah who help clients deal with financial distress. We will take all of your harassing creditor phone calls. We will make them stop. When facing large amounts of debt, you need to understand available options and be able to decide whether filing bankruptcy is a viable answer for your specific financial situation. Discussing your finances with experienced Utah bankruptcy attorneys can help you make informed decisions about getting out of debt once and for all. A fresh start in life can give you the peace you are looking for. Utah Bankruptcy Attorneys at Ascent Law understand that you already feel bogged down in debt. We even offer payment plans that make our quality services affordable for anyone. There is no reason not to call us today to get back on the financial track you want to be on. We are here to help you and with a free initial consultation, you should call us right now. In order to best help you, please review this guide that explains some of the aspects of bankruptcy law in Utah. Bankruptcy Law in UtahBankruptcy law in Utah and across the United States is made by Congress and is a part of the Federal Court System. There are essentially 2 types of bankruptcies that most people look at filing. One is a Chapter 7 Bankruptcy and another is a Chapter 13 Bankruptcy. There are also chapters 9, 11, and 12, but we’ll save those for another day. Chapter 7 Bankruptcy Case in UtahA Chapter 7 Bankruptcy is typically called a fresh start bankruptcy or a clean slate because with the power of the bankruptcy court, we can erase your debt completely. Chapter 7 Means TestIn Utah, to file for chapter 7 relief, you must pass the means test. This isn’t like a school test; rather, it is a calculation based on the median income that the IRS has established for those who live in your county in Utah. You have to be at that amount of income or lower over the last 6 months to qualify to file for a Chapter 7 bankruptcy. We will run this test for you when you call in or come into our office. Chapter 7 Credit CounselingYou also must receive credit counseling prior to filing for bankruptcy. We recommend that you go through www.debtorcc.org because they have been the cheapest of all approved credit counseling agencies. The costs is $14.95 and you should click on the green button on that page and make sure you take the pre-filing class first. After your chapter 7 bankruptcy case is filed; then, you have the requirement to complete an instructional course regarding personal financial management (also called a Debtors Education Course) before your discharge is granted. The discharge is a federal bankruptcy court order stating that you are no longer legally responsible to pay the debts you listed in your bankruptcy papers. Of all the papers in your bankruptcy case, this is the one at the end that you want to hang on to. Chapter 7 or Chapter 13 Bankruptcy?If you are thinking about filing for bankruptcy, you need to know which type of case is best for you. Should you file a Chapter 7 or a Chapter 13 case? The best steps to take are to get all of your bills together and meet with a bankruptcy lawyer at Ascent Law. Ascent Law has decades of legal experience in bankruptcy court to assist you. Literally thousands of people have received debt relief through the attorneys in our office. You can get debt relief too. After discussing your financial situation and evaluating your debts with us, you can find out whether you meet requirements and get the best legal advice about which chapter of bankruptcy is right for you. Remember, not all Utah Bankruptcy Attorneys are the same, and not everyone should file for bankruptcy. In our view, bankruptcy should probably be a last resort after all else fails; however, depending on your situation, it can you give you the peace that you need. Think about sleeping again at night and not having that constant nag at the back of your mind. Complete debt relief and opportunity to start over financially can be yours if you qualify. Find a Bankruptcy Lawyer You Can TrustAscent Law has several attorneys who are licensed and regularly practice in the Salt Lake City Bankruptcy Court. We provide you with a lawyer for local representation in bankruptcy matters. We continue to serve all of Utah, including West Jordan, South Jordan, Salt Lake City, Sandy, Midvale, Riverton, Draper, Magna, Alpine, Lehi, Tooele, Grantsville, American Fork, Pleasant Grove, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Midway, Farmington, Provo, Layton, and Heber City. We solve financial problems and provide solutions when there appear to be none. We’ll find a salutation for you, even if that means telling you that a certain bankruptcy isn’t right for you, or letting you know that you would be better served through a different type of debt reduction or elimination program. We’ve negotiated on car deals gone bad, real estate foreclosures to get changes in loan terms, forbearance agreements and other work out options to avoid bankruptcy. This might be right for you too. Come in and visit us to see how well this will work for you. Personal Attention to Your Bankruptcy CaseHere at Ascent Law, we give you the personal attention need to get through this difficult time in your life. You need a support team and we are that for you. Our goal is to answer your questions and concerns, and provide you with the tools you need to make the right choice for you. You know that everyone is different and ever situation is unique and we treat you and your case that way. We want you to know the process, ask your questions and get the guidance your deserve. We will be there to support you throughout this process and beyond. Because we are a full service law firm, we not only file your bankruptcy case if you need one, we will consult with you on other legal matters. Because we know family law, probates and estates, business law, real estate law, tax law, personal injury law, we can explain how all of these areas can affect you in your life. When you need a guiding hand in the law, Ascent Law is on your side. Our clients continue to choose us in other areas of law because we are ready and willing to help you with reasonable rates; payment plans; and outstanding service. You can read some testimonials here. When you’re considering bankruptcy, you need the guidance that only we can offer. We want to help you. If you are looking for Utah bankruptcy attorneys, call us right now for your free consultation 1-800-564-2707 Can I Bankrupt My Tax Debt?We help with tax debt and sometimes bankruptcy can erase your back taxes to the IRS or Utah State Tax Commission and sometimes it does not – we’ll go over your case and let you know if bankruptcy will work for you in that situation. The typical question that we ask is whether or not your tax debt is a personal tax debt or a business tax debt. If it is personal, then is the tax debt over 3 years old. If the personal tax obligation is more than 3 years old from the date the tax was assessed and if there is no lien filed by the IRS; then, you can discharge that tax debt in a chapter 7 case. If it won’t, we’ll look at getting you on non-collectible status with the IRS, a payment plan that you can afford, or we’ll help you file an offer in compromise to get rid of that tax debt. ConclusionAs you think about filing for bankruptcy and knowing that this might be a good option for you, consider that most people tell us that they feel a lot better after speaking with us. We want you to sleep again at night. We want the garnishment to stop. We don’t want you to face foreclosure or a repo alone. We want to take your debt and make it disappear through the legal and binding process of bankruptcy. If you’ve read this far you are ready to make the next step. That next step is your free consultation over the phone or in person. Give us a call and our friendly staff will schedule an appointment that will work for you. Call now 1-800-564-2707
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 45 reviews
Which Chapter of Bankruptcy is Better for a Person’s Credit? How to File for Bankruptcy in Utah How Do I Know When Filing For Bankruptcy Is A Good Idea? Does Bankruptcy Affect Your Credit? What Assets am I able to retain in a chapter 7 bankruptcy? via Michael Anderson http://www.ascentlawfirm.com/utah-bankruptcy-attorneys/ Salt Lake City Business Litigation AttorneyAs lawyers who fight court battles for our business clients, we’ve come to realize over the years that if the businesses we represent can sign some documents before the fights begin — maybe when the company is first established — then, if contract disputes or other disagreements arrive, we have a better chance at resolving the case without going to trial. Don’t misunderstand us — we love going to court and battling it out in litigation. We enjoy that – it is our job. However, with that same enjoyment in the courtroom, we realize that out clients are better served when they can avoid the courtroom. Trial Lawyers in UtahAs litigation attorneys, one of the skills that we must have is the ability to convey a story to the jury or judge. Judges don’t need a story as much as a jury. Jurors can get bored during a trial. We have polled jurors after verdicts and we find that legal concepts can evade them. When it comes to business trial work, we prefer to have judges rule on every decision possible. A judge who has prior business litigation experience is extremely helpful because that judge will understand the legal concepts and arguments advanced. When a trial is necessary in your business, please call us to discuss our availability to represent your business. We have all types of business litigation from trademark infringement, collection matters, breach of contract, non-compete agreements, and buy-sell agreements to name a few. Business Owners Should Have a Buy-Sell AgreementIf you own a business with someone, you may have heard the term “buy-sell agreement” or a “buyout agreement.” This is a common legal document that serves as a fail-safe for many owners and it may be pertinent for you to have use draft one for you. Understanding buy-sell agreements in more detail may help you decide if creating one it right for you and your business. What is a Buy-Sell Agreement?A buy–sell agreement is a legally binding agreement between co-owners of a business that determines what should be done if a co-owner leaves the business because of death or any other external circumstance. Essentially, it’s like an estate plan for businesses. There are three common types of buy-sell agreements: cross-purchase, redemption, and hybrid. Each form has different functions, and it is important to understand the differences so you know what sort of buy-sell agreement you will need. A cross-purchase agreement is a type of buy-sell agreement where the co-owners agree that in the event of departure of a co-owner, they will buy out that co-owner’s share of the business at a specified price. A redemption agreement is a type of buy-sell agreement where the company buys the departed owner’s share of the business. Typically, the business will have a life insurance policy for each owner and in the event of death, will use the resulting money to purchase the deceased owner’s share. A hybrid agreement is a type of buy-sell agreement which combines the other forms of buy-sell agreements, requiring the remaining owners and business to purchase the interest of the departing owner. If the owners won’t buy the departing owner’s interest, the business is then obligated to do so. However, all buy-sell agreements are unique to each business, so it is important to consult with a lawyer about the right buy-sell agreement for you and your business. Why Should I Get a Buy-Sell Agreement?If you co-own a business, or want to start a co-owned business the long and short of the matter is that you need a buy-sell agreement as soon as possible. These agreements protect your interests and the interests of the business when a co-owner wants to leave or is forced to by extenuating circumstances. Without a buy-sell agreement to protect your interests and the interests of the other owners of your business, you put yourself at significant financial risk. ConclusionIn the absence of a buy-sell agreements, situations like sudden death or mental or physical illness can have a major detrimental effect on your business. If there is no agreement, your co-owners may be unable or unwilling to buy your share of the business, forcing you or people you care about to sell your share to a third party at an amount far less than the actual worth of your share because of the desperate situation. We could tell you horror story after horror story of situations that went wrong. Don’t let that be you. Buy-sell agreements prevent such situations from occurring and ensure that all parties maintain financial security in the business in the event of an unavoidable departure. For more information on buy-sell agreements, a free initial consultation is your next best step. Get the information and legal answers you’re seeking by calling (801) 876-5875 today.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 45 reviews
Business Law Report by Attorney Michael Anderson in Utah Contract Dispute Attorneys in Utah Mergers and Acquisitions Lawyer in Salt Lake City Utah Business Program by Attorney Michael Anderson in Utah Attorney Michael R. Anderson, Business Litigation via Michael Anderson http://www.ascentlawfirm.com/salt-lake-city-business-litigation-attorney/ Business Lawyer in Salt Lake City UtahGenerally speaking, buying a business is less risky than starting your own, largely because the business you’re buying already has incoming profits. However, there are still drawbacks, and it is important to buy a business in a field you are already very familiar with. Finding such a business can be difficult though, and there are people to help you. Do You Need a Business Broker in Utah to Buy a Business?A business broker can be an efficient way to find a business that would be good for you to buy. Brokers are well-versed in the business market and know effective strategies for pre-screening businesses, helping you pinpoint your interests, negotiating, and assisting with paperwork. Do You Need a Business Attorney When Buying a Business in Utah?Regardless of whether or not you hire a broker to find a business, it is always smart to put together an acquisition team consisting of at least you accountant, and a business attorney in Utah. If you already have found a business to buy, you don’t need a broker to help you. You really do need a business attorney on your side to make sure that you engage in due diligence. You also need to make sure that you have the right type of business purchase and sale agreement. This contract can save you from making huge mistakes. One of the provisions that you ought to have in your contract is a due diligence period. This period of time to evaluate the business is essential to avoid making a huge mistake. Look over the actual bank statements with your accountant and attorney. This step alone can save you hundreds of thousands if not millions of dollars in the long run. Your attorney and accountant need to be your team. This team of trusted advisers functions as your transition team and will help you make the best decisions in regards to the purchasing of the business you want to own and perhaps even help operate. What is Due Diligence in Buying a Business in Utah?Before you decide to buy, however, make sure you and your accountant and business lawyer evaluate the value of the business and engage in due diligence. We have a practice of reviewing all bank account statements as well as financial reports to make sure that there is no fraud or cooking of the books. Cooking the books means that the business owner or his book keeper falsified information to get you to pay a higher price for the business. To determine whether this has happened, we need to go through these items and review their current and potential effects on the business: ● Inventory Once you have determined the credibility and value of the business to be favorable, a sale price and terms of sale must be negotiated with the seller. This is another situation where your acquisition team is invaluable. Price is a very hard element to pin down and, therefore, it is for the buyer to assess. You and your acquisition team can come to a fair price using various methods, some of which include multipliers, book values, EBITA, and returns on investment. EBITA means Earnings before interest, taxes, and amortization. This is a way to value a business’ earnings before the deduction of interest, taxes and amortization expenses. It is a financial indicator used widely as a measure of efficiency and profitability. We like to use this value, but there are other values to use when negotiaing a price. The seller obviously wants the highest price possible and the buyer wants the lowest. Highest Price or Best Terms?When we represent buyers, we negotiate the lowest price and terms based on our client’s best interests and when we represent the seller, we work to secure the seller’s interest and get the highest amount possible depending on the seller’s goals. You need to figure out what you are trying to accomplish when purchasing a business. What is your end game or end plan? Do you want to have it as a passive investment where you are hands off or do you want to operate the business and manage it? This will also go into the calculation of a business. Besides price, do not forget the important element of terms. Some business can be partially or wholly financed through the company itself. This is an option that we, as you business lawyers, can help you with. Negotiating the actual sale can be difficult because both you and the seller are often coming from very different points of view. It is important to make sure the deal is structured well so the effects of these differences can be minimized. You should always have an attorney review any arrangements for legality and liability issues. Your attorney and acquisition team can also help you negotiate the best method for the deal to proceed. Mergers and Acquisitions Lawyer in UtahYou should always have a lawyer help you in doing a merger or acquisition. Your business lawyer will have some horror stories to tell you about how things can go wrong. We can tell you that you really need to get an attorney on your side to avoid costly mistakes and a lawsuit later. We could tell you many stories because not only do we close business deals, but we also draft contract and go to court and litigate when someone doesn’t do what they are required to do pursuant to the terms of the contract. Being careful and taking time for things to settle and work smoothly will assist the process of the business changing hands. Do not be too anxious. Your team will help you, and with patience, thoroughness, and diligence you can buy a business with minimal issue and stress. Above all, as your business attorneys we will make sure that you are protected and you know what you are getting into. When your eyes are opened and you seek both the risks and the rewards and you decide go for it – you’re in the best position possible. ConclusionFor more information on getting a Utah business lawyer on your side to help you buy a business, sell a company, close a deal, do a merger or an acquisition, please give us a call for your free initial consultation. We have represented both buyers and sellers of corporations both fortune 500 companies as well as small businesses in every sector. So whether you have a new start up to sell or you’re looking to franchise, the information and legal answers you need are on the other end of the line. Calling the Utah Business Lawyer that is right for you is the next step. Call (801) 876-5875 today for your free initial consultation.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 876-5875
Ascent Law LLC
4.7 stars – based on 45 reviews
Business Legal Program For Your Company Business Lawyer in West Jordan Utah What Areas of Business Law Does Your Firm Do? Business Law Overview with Outside Corporate Counsel via Michael Anderson http://www.ascentlawfirm.com/business-lawyer-for-buying-a-business-in-utah/ |
Probate LawyerProbate Lawyer in West Jordan Utah. If you need probate lawyer, trust attorney, inheritance counsel, living trust, last will and testament, call 801-676-5506 now for a free consultation. Archives
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