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Salt Lake City Business Law Blog

Should I create a trust for my business?

If you are a business owner, it is likely that your business is one of your most valuable assets. You may be sentimental toward your business - you will want it to be your legacy after your lifetime and to continue to thrive. Therefore, when planning your estate, it's likely that your business will be one of your top priorities.

Some business owners choose to put their business into a trust. They help to ensure that the assets of a business will not be affected by probate at the end of your lifetime. There are many types of trusts, and each one has different uses. If you are considering putting your business into a trust, take the time to understand the key advantages for doing so and the additional considerations that you should make.

Your non-compete agreement is there to protect you, so enforce it

When you work with new employees, one thing you may want to add to your employment contract is a non-compete agreement. A non-compete agreement is beneficial for your business in many ways. It helps you protect your own interests and prevents your employees from going to similar businesses and sharing your trade secrets.

Employees could do a lot of harm to your business if they were able to come and go freely with the information that they have. You are allowed to add a non-compete agreement to obligate employees to refrain from doing business with leads or customers belonging to your business.

The different types of construction defects

If you have recently had renovations performed on your home, you likely invested a considerable amount of money and emotion into the project. You will have needed to pay contractors and trusted them to carry out the work in a competent way. You may have also had to temporarily move out of your home while the work was being done. Therefore, you will be very invested in a successful outcome.

However, when the project was completed, you may have noticed defects in the work. If you've already paid for the work that was done, you will likely be deeply troubled by this. Whether the defects you noticed are minor aesthetic details or more serious structural issues, you will need to take action so that justice can be done. You may be able to take legal action against those responsible for the completion of the project. The following are some of the most common types of construction defects that often result in legal action being taken.

Defending against title claims on a property your company insured

Quite a few people think of title insurance as a scam, but as a business that works in the real estate or title industry, you know better. Title insurance protects property owners and financial institutions against potentially devastating claims against their title or ownership of a property.

While only a fraction of property owners ever need to defend against the title claim, the process can often cost many thousands of dollars. A lender's title policy protects financial institutions such as mortgage companies and banks against the loss of the money they provide to purchase a property that later has a title issue. A buyer's title policy protects the property owner from the losses and costs associated with the title defect.

Is your company properly classifying its contractors?

Your company's employment contract will include important information that dictates how you relate to your staff during and after their employment with your company. These contracts outline the terms of employment, benefits, compensation and expectations for workers.

Many companies use employment contracts to protect their business interests by requiring a non-compete agreement from new staff members or having workers' execute non-disclosure agreements that will prevent them from sharing what they learn while working at the company or posting damaging information on social media.

Defending against claims of a construction defect

Construction defects are a risk on any project. It’s why you go out of your way to hire people you trust to do the work, and do it well. Even so, your business may face the occasional claim of a construction defect.

If that happens, don’t panic. There are many ways to defend your work and ensure your business is not being incorrectly held responsible for a perceived issue.

Your options for enforcing a noncompete agreement

Business owners across Utah face a wide array of threats to their business on a regular basis. Unfortunately, many of these threats can come from inside your business itself from your employees.

Employees are essential to the success of your business. Yet, when employees leave to pursue other employment opportunities, they may reveal key components of your business to competitors. Whether unintentionally or maliciously, such revelations can put your competitive edge at risk. What are your options to either prevent this or fight back?

How creating a trust can help your business and estate

Do you know exactly what would happen to the value of your business if you were to have a fatal emergency tomorrow? If not, you are not alone. A 2017 survey found that only 36 percent of people ages 37-52 have a will or trust.

A will or trust can help make your end-of-life wishes clear for your well-being and assets. If you own a business, you may significantly benefit from opening a trust under the guidance of a financial advisor.

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