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Small business development programs? Utah

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  • Small business development programs? Utah

    I am thinking seriously about restarting an old business I had years back. It never officially "closed" or went out of business, I just quit doing business and quit advertising. back then it was sole proprietorship. Now as times have changed, I'm not sure which direction to go.
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

  • #2
    I don't know much about starting a business though others might/probably do. They may want add'l. info though (more details) including type of business. They will probably ask you though what else they need to know to help you.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      Cactus Jack, there is no right or wrong answer to what type of entity is best for a business. It always involves weighing the pros and cons in any situation. The first factor is generally whether a business has risks that merit considering an entity that provides limited liability for the owner, such as a corporation or an LLC.

      Costs may also be a factor. For example, there is no out-of-pocket expense in creating a sole proprietorship, except possibly the cost of filing for an assumed name if you are not onducting the business in your own individual name. On the other hand, there is always a cost for organizing an LLC or a corporation, and in some states that amounts to hundreds of dollars. Fortunately, forming a Utah LLC only requires payment of a $70 processing fee, so the cost should not be a significant factor.

      There are also tax considerations involved in the choice of the various entities. At some levels of income, the ability to pay a corporate tax at a marginal rate of 15% on the first $25,000 of income may make a C corporation attractive even though corporate dividends from a C corporation are taxed again at the individual's marginal rate. A start up business that needs to retain capital and is unlikely to pay a dividend in its early years can accumulate capital much more quickly when it can hold onto 85% of its income.

      There are lots of things to think about.
      David K. Staub (www.illinoisbusinessattorney.com)
      Forum posts are not legal advice, are for informational and educational purposes only, and are not a substitute for proper consultation with legal counsel.

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      • #4
        Years ago I had a small mining business. Very small, the most I ever hired was three- my wife and two part time employees. Now, I have no plan on hiring anybody, just doing it. I have a few spots I'm looking at claiming (re: Mining Law 1872), and my biggest concern is going to be Obamacare. Of all things.

        Any other pitfalls and bobby traps I need to keep my eyes open for?
        I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
        Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
        I also may not have been either sane or sober when I wrote it down.
        Don't worry, be happy.

        http://www.rcfp.org/taping/index.html is a good resource!

        Comment

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