Winding down your business or shutting up shop is a bit more involved that simply taking down your website or putting a closed sign on the door. While the jurisdiction you live in and your business' incorporation will both greatly impact what steps you should take, there are some standard processes that should be adhered to by all types of businesses.
Posts tagged "business organizations"
If you've gone into business with others, then most likely you've heard the term "bylaws" thrown around. The term refers to the set of rules that a board of directors sets that a business entity must abide by when incorporating itself. Bylaws are often written by a corporation's owners when it's founded.
As your business starts to grow, you may find it prudent to hire an in-house legal team. They can be utilized to help you address a number of issues that may arise as your company scales including handling personnel disputes, addressing financial and tax concerns, reviewing contracts and buying out other firms.
Beans are a staple ingredient in a vast majority of diets in the United States. Many Utah residents actually grow their own beans in backyard gardens; others purchase various types in stores for making soups, stews and other delicious recipes. In a recent acquisitions and sales deal, a natural foods company, Hain Celestial, has acquired the Oregon-based Better Bean Company. Both companies say they are thrilled with the merger.
In a post last month, our blog began discussing how even though many entrepreneurs might think of a limited liability company as being a business formation option reserved for the private practices of accountants, attorneys, doctors and dentists, it’s actually a viable structure for many ventures.
As most Utah residents are aware, the state has long taken what could be characterized as a less than accommodating approach toward alcohol, adopting a network of complex and rather stringent liquor laws in an attempt to curb its influence.
From corporations to general partnerships, most prospective business owners are undoubtedly familiar with at least a few of their options when it comes to organization. However, what they might not realize is that there is a business formation option that functions as a sort of hybrid of these two: limited liability companies.
It's been less than one year since Utah enacted the Post-Employment Restrictions Act, the landmark law dictating that any non-compete agreement executed on or after May 10, 2016 cannot last for longer than one year after the end of employment.
While it might be the furthest thing from their mind at this juncture, there may come a time in the not-so-distant future when a business owner decides that they would like to pursue another venture or perhaps even retire while profit margins are good.
Last month, our blog continued its efforts to help budding entrepreneurs understand all of the business formation options available to them by examining corporations, focusing specifically how they are formed and how they are organized.