best family divorce lawyer - Ascent Law LLC



Ascent Law LLC

8833 South Redwood Road Suite C

West Jordan UT 84088

801-676-5506



Location: Vernal, UT 84078, USA

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What are some common financial accounting pitfalls that business owners should be aware of?

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There are several. These pitfalls can lead to cost-inefficient use of finances and time. One of the most common pitfalls is not understanding the difference between a balance sheet and an income statement. These two records keep track of different information, but a lot of business owners mix them up and use them interchangeably. The other common mistake is not tracking expenses consistently from month to month and not keeping a record of all expenses. This can lead to very inaccurate financial statements . It can be tempting for business owners to do their own bookkeeping because it seems like a simple task. However, there are several common pitfalls that business owners should be aware of before they decide to take on bookkeeping responsibilities. A few of these include: -           Failing to keep track of all transactions made by customers and suppliers -           Not recording jour...
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How does an estate plan keep a business going after the death of a founder?

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If you don’t plan properly and have the correct documents in place, the business could die or go under once the founder dies. Many people who start a business do so to leave a legacy for the next generation. However, the founder of a business does not always get to see that play out. Without an estate plan and a business succession plan , a person's businesses and assets may not be passed on to their intended successors. By talking with an attorney about your wishes and taking some simple steps, you can make sure your business will continue after you are gone. The death of a founder is a devastating loss for the family and friends who have lost a loved one, and it can be worrisome for the people who are left to carry on his or her business. In order to keep the business going and honor the wishes of the deceased, an estate plan is usually put into place. It establishes instructions for managing the business after the founder has passed away, and it provides guidelines for how ...
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What is a probate and when it is required?

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Probate is the process of applying for and receiving legal approval to administer the estate of a deceased person . Typically, this is done through a court proceeding in the state where the deceased had property or lived. When someone dies, their assets must be transferred from their name to that of their heirs or beneficiaries. This can't be done until legal approval from the probate court has been obtained. When you have been appointed by the court as the executor of an estate , you are responsible for gathering all of the deceased person's assets and paying off any debts that they owe. You'll also need to gather up all of their pertinent documents and make sure that all necessary taxes have been paid. A probate is required when a person has died and we need their signature to transfer property.  When you need a lawyer to help with probate , call this law firm for a free consultation: Parklin Law LLC 5772 West 8030 South, Unit N206 West Jordan, UT 84081 (801) 618-0699 ht...
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