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Greg Perry
Presented by Greg Perry
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Andrew Lillywhite
Presented by Andrew Lillywhite
Before beginning business in Utah, the best resource for knowing what licenses and permits may be required is a consultation with a licensed Utah Attorney who specializes in business law. Furthermore, the State of Utah (www.Utah.gov) and the Small Business Administration (www.SBA.gov) have some helpful online resources. Local Chambers of Commerce and county and city Governments similarly provide additional resources on the subjects of licenses and permits.
Brenda Taylor
Presented by Brenda Taylor
Major tax considerations in forming a business primarily surround whether or not the business owner wants items of income, loss, credit and deduction (“tax items”) taxed at the entity level or at the owner level. An entrepreneur should also be concerned about how to insulate the business from incurring back taxes, interest and penalties as a result of an Internal Revenue Service (“IRS” or “Service”) examination, which can be accomplished implementing proper record keeping upon formation. The discussion in this section will be limited to five major types of business entities: partnerships, C corporations, S corporations, and disregarded entities.
Leah Bennion
Presented by Leah Bennion
You may have heard this before, but LLCs are creatures of contract. It is critical for LLCs to understand the statutory defaults and protections (or lack thereof) so members and managers may comport themselves in a way that protects themselves, and the company, and in a way that is consistent with their desires for the operation of the entity.
Langdon Owen
Presented by Langdon Owen
A sole proprietorship is one human being doing business without a formal organization, that is, without a wholly owned corporation or a single member limited liability company. Thus, all business is done in the individual’s name or in an assumed business name held by the individual. The individual would be fully responsible for all debts and liabilities of his or her business, and would be sued personally and could have all non-exempt assets, including personal assets or investments having nothing to do with the proprietorship business, seized by reason of such business debts and liabilities.
Andrew Howell
Presented by Andrew Howell
Business Entities. In the world of business there are numerous entities or business structures which can be used to form and administer a business or commercial enterprise. While there are aspects of business which are common to all commercial enterprises, there is not one entity or structure that is appropriate for all. Each business will have its own set of priorities, capitalization and expense issues, owners and investors, and even differing personalities between members and management that must be considered. All of those factors are relevant in considering which business entity to use.