Common Issues when Running a Small Business
Owning a small business is a dream for many people. When you are looking to start a business, the Provo, Utah area can be a great location. This area has a strong local economy, a consistent population base, and attracts many tourists. While there is a lot of potential for success with running a business here, there are risks and challenges that new small business owners may face.
Proper Legal Formation
One of the first challenges that comes up when looking to start a business is finding out the right way to structure the company from a legal perspective. It is almost always a good idea to create some legal entity to hold your business, but deciding on the right one can come with complexities. A Provo small business attorney will be able to explain all of your different options, which can include creating a sole proprietorship, an LLC, an S-Corp, or other types of entities. They will not only be able to explain the benefits of each option, but they can also help you create the entity through the proper channels.
Regulations and Local Compliance
When you are going to start a business in the Provo area, it is also important to ensure that your business is in compliance with any local, state, or national regulations. These regulations can include ensuring you have proper licensure, you are in compliance with local zoning ordinances, or you understand regulations if your business is subject to further regulatory compliance. A Utah business attorney will offer any services that you need to ensure you both understand and follow these regulations. This can help to keep your business in good standing and allow you to avoid any related penalization.
Tax Law Challenges
While the current tax law can seem confusing for the average consumer and taxpayer, there are added complexities for small businesses. As the small business tax code is complicated and has many opportunities for deductions and credits, speaking with an attorney can be a good idea. A Provo business lawyer can offer support to ensure that your taxes are being filed properly and that you are taking advantage of deductions and credits available to you. This can help ensure you remain in compliance with the law and minimize your tax liability.
Contract Reviews and Negotiations
Any small business today is going to sign and create a variety of important contracts. These can include lease agreements, contracts with vendors, and even contracts with customers. In any situation, it is important that you have legal representation by your side to ensure that you know what you are signing. A Provo business attorney can help by providing you with the support needed to create your business contracts and review ones provided by the other party. This will help ensure you are signing fair agreements and understand all of your obligations.
Employment Law
Eventually, any business in Provo will grow to the point where they need to bring on additional help. When you are going to hire new staff members, it can help to fuel your growth but also comes with additional risks. Your Provo business attorney can help ensure you have a proper employment contract in place, are handling payroll, taxes, and benefits correctly, and are in overall compliance as an employer.
When you are looking to establish and grow a business, hiring a small business attorney in Provo is a great option. When you are looking for a Provo small business lawyer, the team with Howard Lewis & Petersen is a great group to contact. The legal team here is familiar with all the legal and operational challenges faced by small businesses and they can offer the guidance and support you need to properly establish and grow your business.
