Utah Residence Lien Recovery Fund

Posted in Construction Law by Leave a comment

The Lien Recovery Fund is a great source of payment for subcontractors and suppliers of construction materials on residential property. It is also a great source for homeowners that are forced to deal with mechanic’s liens. Construction Material Supplier or Subcontractor Seeking Payment for Construction Services/Materials The Lien Recovery Fund is a great source of Read More

Advanced Health Care Directive: Preparing for End-of-Life Care

Posted in Estate Planning And Probate by Leave a comment

Medical science can keep a person alive almost indefinitely, even when their quality of life has severely deteriorated. For reasons both personal and financial, most opt out of prolonging life under such conditions, particularly when there is little-to-no hope for recovery. It is also common to need someone with authority to make medical decisions when Read More

Paying for Long-term Care

Posted in Estate Planning And Probate by Leave a comment

Aging adults sometimes transfer their property outright to children in order to avoid using their life’s earnings on long-term medical care. My advice? Don’t do it. There are a myriad of pitfalls to this practice, including: Having to turn to one’s children in times of need Increased capital gains taxes to the children when they Read More

What are the Pros and Cons of a Sole Proprietorship?

Posted in Business Organizations by Leave a comment

A sole proprietorship is the simplest form of business entity. It requires no formal organization papers or formalities for conducting the business. Essentially, the individual functions as a business and is liable for all of the debts and liabilities incurred. A sole proprietorship is generally considered an informal business organization. That is, it does not Read More

What Is a Partnership and When Is It a Good Idea?

Posted in Business Organizations by Leave a comment

A partnership is simply a joint venture of two or more individuals conducting a business together for profit. Like the sole proprietorship, the partners are liable for the debts and liabilities of the business individually. Again, no formal organization is required, though a written partnership agreement is always recommended. This type of business entity is Read More

Limited Partnership: A Guide

Posted in Business Organizations by Leave a comment

A limited partnership (LTD) is a hybrid of a corporation and a partnership. The general partners manage the business on a day-to-day basis and are personally liable for the debts and liabilities of the partnership. However, the limited partners do not participate in the management of the business and only their assets used for purchase Read More