Any professional who builds a successful practice in Utah needs to plan for the possibility of lawsuits involving his or her business. While doctors face a special risk from medical malpractice lawsuits, other professionals may also be sued by creditors or by people who are injured on their premises. Without proper planning, your personal assets may be at risk in addition to the assets of your business.
The Utah County Attorneys at Seiler, Anderson, Fife, & Marshall LC help doctors, dentists, accountants, architects and other professionals in the Provo-Orem metropolitan area and throughout the Utah Valley plan their practices and protect their personal assets. We also provide estate planning services for business owners.
Protecting Yourself From Liability
If you form your practice as a limited liability company, limited liability partnership or corporation, you can protect yourself from liabilities involving your business. With a properly formed and maintained business entity, any assets owned by your business may be at risk if your business is sued. However, your personal assets would be protected by the corporate shield.
If you own the building in which your practice is located, our attorneys can create two entities: one for your building and one for your practice. That way, your business would be protected from the liabilities of your property, and vice versa.
Our attorneys also draft partnership agreements, buy-sell agreements and business agreements. Partnership disputes are a leading cause of business failure, and having the right agreements in place now can help prevent misunderstandings and disputes later.
Minimizing Taxation of Your Business
Some corporations are taxed twice: once at the corporate level and once at the personal level when profits are distributed to shareholders. Choosing the right corporate entity can help you avoid taxation at the corporate level. Contact a Utah Professional Practice Attorney at Seiler, Anderson, Fife, & Marshall LC today to begin building your case.