Fillmore Spencer LLC provides large and small enterprises in Utah with counsel and representation over a range of legal issues involving business contracts.
We assist small businesses and corporations by drafting, negotiating and vetting and revising:
We also represent plaintiffs and defendants in business disputes aiming to resolve business contract-related matters, such as breach of contract, breach of fiduciary duty, tortious interference with contractual relations and owner disputes.
Buy-sell agreements are a good way for a closely held company — partnership, limited-liability company (LLC) or corporation — to control ownership transfers after a shareholder’s death, divorce, bankruptcy, retirement or “cash out” event.
The agreement dictates who can buy the outgoing owner’s portion of the business and establishes a fair price. Using buy-sell agreements to limit the number and type of members or shareholders can prevent the introduction of new owners, and keep ownership of a family business within the family.
Drafting a written agreement that spells out what will happen can save time, money and hurt feelings when change arrives. It can also provide valuable business continuity.
Most buy-sell agreements presume cash is available to affect the purchase. LLCs, corporations and partnerships often use life insurance policies to underpin buy-sell agreements — in a cross-purchase agreement, one owner insures the life of the other. Should the other owner die, the death benefit can fund purchasing the share.
A breach of contract occurs when one party to a written or oral agreement fails to honor the contract. In Utah, statutes of limitations allow four years for the filing of charges relating to breached oral contracts, or six years for breached written contracts.
If you are looking for any information about qui tam fraud litigation, give us a call!
Contract disputes often lead to costly delays, particularly if there are other parties depending upon the work to be delivered. To learn more about how the business attorneys at Fillmore Spencer LLC ensure the quality of contracts upon which an enterprise relies, call us at (801) 426-8200 or contact us online today to schedule an obligation-free initial discussion.