News outlets in St. George and around the state have been reporting on a website recently launched by the Utah Governor’s Office of Economic Development: Business.utah.gov.
Perhaps the name isn’t the catchiest ever, but its focus is tight. It’s aimed at Utah businesses, citizens and legislators, as well as out-of-state businesses.
One of the most important pages on the site is addressed to people interested in starting a new business. The page serves as a rough outline of the steps a person should follow as they move from coming up with a good idea for a business to actually opening the doors to the public.
Along the way, entrepreneurs need to do several things, including protecting intellectual property with trademarks, copyrights and patents.
Another step in the process: creating a written business plan. Part of doing that involves “securing an advisory team and professional services.” That means a budding entrepreneur might find a business mentor who can help them avoid common mistakes.
It also means finding a knowledgeable, competent business attorney who can help them with those IP protections, as well as with financing matters and selection of a business structure (Limited Liability Company, Sole Proprietorship, General Partnership, Limited Partnership, S Corporation, Business Corporation, Professional Corporation or Nonprofit Corporation).
Another important step in the process is to gain an understanding of local government requirements. This can range from tax registration to required licenses and more. There can also be state tax matters, licensing, environmental issues and similar topics that might apply to a new business.
These are all matters covered in part by the website and in much more detail with an experienced attorney.
Source: Utah Governor’s Office of Economic Development, “Starting your business,” March 2014