Forbes has just awarded Utah as the best state for business in 2016. The popular business publication considered at least 40 different factors to come up with the list, so you know the results are not according to gut feel.
What kind of business should you open in Utah? One of the easiest is a sole proprietorship, a business structure where you are the legal entity. It doesn’t require as much capital as partnerships and corporations and takes significantly less time to file and open.
If you want to operate a single proprietorship in the state, remember the following:
1. Trade Name
As a single proprietor, you can register your name, although many businesses create a trade name, which is helpful in case you decide to transfer or sell the enterprise later. To know if another business owns your desired name, you can search it in this database.
2. Business Registration
Registering your business is quick in the state since it already offers a one-stop shop online. In this process, you can already sign up for State Tax and Labor Commissions, Department of Commerce, Environmental Quality, and Workforce Services. After the registration, you will receive unique membership numbers and the documents needed to register in your municipality.
3. Business Training Courses
Although sole proprietorships provide you with full control of the business, they also leave little room for mistakes. To make sure your efforts count toward growth and profit, sign up for business training courses in SLC with the help of Entrepreneursimplified.com. Many run for a few hours to few days, so they don’t take much of your time.
4. Business Liability Insurance
One of the biggest issues with sole proprietorships is the lack of personal asset protection against creditors. Simply put, if you owe a creditor and your business cannot cover the entire debt, he or she has the option to run after your home and other personal properties. You can safeguard what’s yours by investing in insurance.
Opening your own business can be intimidating, but with all the help Utah provides you, you should feel encouraged to pursue your dream.