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Business Formation — LLC, Corporation, Partnership, 501(c)(3)

Business-Law-

Orem Business Formation Attorneys Provide Trustworthy Counsel

Reputable LLC, corporation, partnership & 501(c)3 lawyers in Utah

Aristotle is credited with saying, “Well begun is half done,” and if you are planning to start a business in the Orem, Utah area, that bit of ancient wisdom is worth remembering. Too many problems that hamper a business, eating away at profits and slowing growth, are the product of poor planning at the formation stage. At Skabelund Wirig & Loos, we draw on decades of business law experience to advise entrepreneurs on the full range of issues that startups must face. We provide highly personal attention, offering solutions that fit your circumstances and business goals.

Choosing an entity for your new business

According to the Utah Department of Commerce’s Division of Corporations and Commercial Code, the five most commonly used business organizations in the Beehive State are:

  • Sole proprietorships — This model is simply an extension of a single owner/operator who is 100 percent responsible for control of the business and is personally liable for taxes, debts and legal claims against the business. The owner receives very little protection from the law, and an owner’s ability to raise capital for the business is very limited, but a sole proprietorship is an easy and inexpensive business model to get up and running, and the business is highly transferable.
  • Partnerships — This model also requires few formalities at formation, but partners have unlimited liability for the business. Communication and guidelines are very important, because each partner is an agent of the business and can bind the business to an agreement. A partner’s ownership is not freely transferable, so partners should commit to contingencies before finalizing a partnership agreement.
  • Limited partnerships — This entity combines aspects of a partnership with those of a corporation. General partners bear most of the responsibility and exercise most of the control, but they are fully liable; limited partners have fewer rights but receive greater legal protections.
  • Corporations — As a “legal person” independent of its owners, a corporation presents tremendous advantages. It protects owners from liability and makes it much easier to raise capital. Creating a corporation is a much more complex process and can only be done with permission of the state government.
  • Limited liability companies — The LLC is fast becoming the most popular form of business in the country, because it combines the operational ease of a partnership with the liability protection of a corporation. But, like a corporation, it has more complex filing requirements.
  • 501(c)3 — The United States Code provides for the tax-free operation of companies “exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes,” as well as for “amateur sports” and “the prevention of cruelty to children or animals.” These companies cannot be operated for shareholder profit or political purposes.

Choosing an entity is a major step forward, but even before this can happen, you should develop a detailed business plan. By working closely with us on your plan, you can discover areas of concern you must address before or during formation. Any carpenter knows that he must “measure twice to cut once.” This same principle applies to your business formation.

Essential advice in the early stages of your Utah business

Once you have settled on a plan and an entity, our attorneys can assist with other tasks crucial to business formation:

  • Drafting ownership, partnership and shareholder agreements
  • Arranging financing agreements and lines of credit
  • Drafting company bylaws and employee handbooks
  • Negotiating executive compensation packages
  • Taxation planning
  • Advising on insurance coverage
  • Negotiating and reviewing commercial real estate leases
  • Adopting strategies to protect intellectual property
  • Acquiring business licenses and land use permits

When your company gets capable assistance on these issues at the outset, you eliminate impediments to your success and the likelihood of litigation, which can sap resources and divert attention from your day-to-day operations and long-term goals.

See our knowledgeable Orem lawyers for personal attention on business formation

How you form your business has a substantial impact on its chances for success. Rather than rush through the process, get personalized attention from a knowledgeable business attorney at Skabelund Wirig & Loos. To schedule a free consultation, call us at 801-788-4447 or contact our office online. We are conveniently located at 1149 West Center Street in Orem, just off I-15.

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Our Office
  • Orem Office
    1149 West Center Street
    Orem, Utah 84057
    Phone: 801-222-9700
    Fax: 801-224-9960
Client Testimonials
  • "Steve Skabelund is Excellent! He has helped out many of my family and friends with getting their Will and Trust documents in order. He is friendly, quick at getting the job done and does it at a fee that is affordable. I would highly recommend Steve to anyone who is considering having these types of services done. Thanks Steve for a job well done!"  -Lorie P., 5.0 rating ★★★★★

  • "My company and I have been working with Brent Wirig for a couple of years now and he has been crucial to the success of our small business. He is knowledgeable and gets things done in a timely manner. He is also very easy to reach. We have used his expertise on everything from the original business paperwork, to taxes, and client contracts. Would highly recommend Skabelund Wirig and Loos."  -Michael, 5.0 rating ★★★★★

  • "We have had such a positive experience with Brent Wirig as our family estate planning attorney. He also has helped us with the organization documents for our new business and explained everything clearly. He works fast and has a deep concern for each client! We will definitely be using him for any future needs!"  -Danielle S., 5.0 rating ★★★★★

  • "Steve has been our family attorney for over 15 years. Over the years Steve has been there to help us with our estate planning needs. Every time I would leave on a vacation without the kids I would have panic attacks about not having my estate in order. We have a special needs son so that added to my anxiety. Steve helped us plan for our future with how to structure our estate to best meet the needs of our family. Now I can go on vacation and leave at least that worry behind. A few months before our son turned 18 we had to petition the court to become our son's legal guardian. Steve was there to make sure everything was in order. It was a smooth process. I would highly recommend Steve and his associated to take care of your Family Law needs!!"  -Teri T., 5.0 rating ★★★★★

  • "I felt like an actual person, rather than just another number! Steve Loos was great in getting back with me when I needed to talk to him. The Bonus part of my experience with Steve is I actually got a portion of my retaining fee back!! That NEVER happens! Thank you Tiffany Hedges for the referral! You all are amazing!"  -Dana D., 5.0 rating ★★★★★

  • "Brent is one of the most thorough and efficient attorneys that I have worked with as a client. He will go the extra mile for you. Also, you actually feel that he cares about you as an individual!"  -Peter S., 5.0 rating ★★★★★

  • "Stephen Loos is a great combination of being pleasant and competent, which is rare nowadays. I highly recommend Stephen for your legal needs."  -IIdar F., 5.0 rating ★★★★★

  • "Brent Wirig just helped us with our estate planning documents and he was extra great to work with. We highly recommend him."  -Catherine C., 5.0 rating ★★★★★

  • "Brent Wirig is very helpful and explains things I don't understand in a clear and concise way. He is easy to work with and willing to go the extra mile to help out."  -Annie S., 5.0 rating ★★★★★

  • "My review is a little slow however we worked with both Stephen Loos and BJ on multiple things and they were awesome!! Professional, friendly, knowledgeable and always willing to accept a call and answer any questions! Great guys!"  -Jennifer B., 5.0 rating ★★★★★