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.
Posts tagged "Business Organizations"
When it comes to a company deciding to expand either domestically or internationally, many elect to either merge with or acquire new companies in order to give themselves a competitive advantage in the market.
Once you become committed to setting up a business, choosing between the many different incorporation options can be difficult to do. A standard C corporation and an S corporation each carry with them different advantages and disadvantages.
One of the first steps you should take after you form your corporation is to draft its bylaws. They serve the purpose of spelling out both the procedures and standards the corporation intends to uphold during its time in existence. It also dictates what activities the company will not engage in as well.
Companies that have no more than 500 employees are considered to be a small business in the eyes of the Utah government officials. Interestingly, according to the Utah Small Business Association, 97 percent of all employers in the state are considered small business owners. While nearly 60,000 of those businesses have employees, more 183,000 are run by and employ a single person.
Although setting up a business as a limited liability company (LLC) has long been a preferred option of many small business owners, an S corporation has also been quite popular.
If you've come up with a business idea but feel that another company would be better suited to manufacture, market or distribute it, then you may decide that pursuing a joint venture is best. This type of business structure is often used by two companies who wish to collaborate on making a particular aspect of their business more efficient.
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.
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.