Starting a business is supposed to be an exciting experience; you are chasing your dreams and working your way up from the bottom to reach the ultimate status of success. But starting a business is also an extremely challenging experience.
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If you've researched setting up a business in Utah, then you've likely read about compliance. This concept refers to the regulations, laws and rules that your business is required to abide by. Some examples of these may include having to pay taxes, taking out a business license and adhering to certain procedures when hiring and firing staff members. These are in place to protect everyone's welfare, safety and health.
A report published by the personal finance website WalletHub on April 22 gave St. George another title to boast about. The southern Utah city has been designated as the second-best small city to set up a new business. Cedar City ranks 19th. Five other cities in the state made an appearance among the top 30 locales listed.
There are many reasons for choosing to go into business with family members. After all, many of us believe that blood is thicker than water. Many people tend to feel as if they can trust those that they're related to more than others with whom they share no blood ties. By setting up a business with your loved ones, you can create a legacy that can be carried on by future generations. Working with family requires some pre-planning, though.
A researcher with the University of Utah's Department of Entrepreneurship and Strategy noticed a gender gap when she looked at how many women business owners there are compared with male ones in the state. She set out learn why that's the case by conducting a detailed study on the topic.
If you've taken out student loans before, then you've likely heard the terminology "promissory note" thrown around. You may not have heard of it used in the context of business operations though, but it operates much the same as it does in any other situation. Put quite simply, a promissory note is simply an "IOU" or a signed promise to pay someone that lended you money back.
Many companies in the state of Utah decide to keep their shares private between owners, and there are many potential benefits to this. These companies are often referred to as closely held companies.
Any time anyone enters into a business relationship with someone else, it can always be helpful for the two parties to draft a contract. It should define their relationship with one another, what services will be provided and for what amount of pay, as well as liabilities, that one or both may assume. Drafting such a contract can be beneficial for both parties involved.
If you've ever seen one of the many different business investment shows on television, you've likely heard the terminology "core competency" used. It has to do with a company defining what they do well so that they can use it to their competitive advantage.
A study published on June 11 by Crunchbase News shows Utah is fast stepping away from being known only as a hot spot for tourists hitting the slopes and would-be attendees of the Sundance Film festival. It's instead starting to be though of by business investors as the next hub for tech companies and other innovative companies.