Utah Accountant Liability: Is Your Accountant Working for You or Not?

Million-dollar view from one of my favorite rocks in Farmington, Utah

Did you engage your accountant to work for your company (LLC or S Corp) or did you engage him or her to work for you personally? The reason that I ask this has to do with whether you can personally rely on your accountant’s advice or only your company can. This becomes important when holding your accountant responsible for his or her advice, including when filing taxes and making important business decisions. Let me explain:

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IS MY UTAH BUSINESS PARTNERSHIP IN TROUBLE?

Utah business partners: are you in trouble? Seen here mountain biking on Antelope Island, Utah

Short answer: probably. It all depends on what you mean by ‘trouble.’ Do you mean, “is my Utah business partnership about to implode (or explode!)?” If you are asking yourself that question, you probably already know the answer. Get Utah legal help IMMEDIATELY. If you mean, “are there issues with my Utah business partnership that need to be handled before they turn into legal troubles?”, then you should seek Utah legal help at your soonest convenience. Let’s go through some of the issues that you might not have thought about that could easily turn your amicable Utah business partnership into a sinking Titanic of costly litigation:

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Important Tax Considerations in Starting a Business in Utah

Me fishing.

When you start a business in Utah, you are going to make money. When you make money, you will have to pay taxes. The type of business you create will determine how you account to the IRS for the money you make. The four business entities that an entrepreneur will typically encounter are partnerships (including limited liability companies), C corporations, S corporations, and disregarded entities. Continue reading “Important Tax Considerations in Starting a Business in Utah”