4 Reasons Business Owners Are Moving to Montana from New York

bozeman | Business in Montana |

We all know that business owners can be picky about where they want to set up shop. Investing time and money is no joke, which is why many factors go into the decision-making process for finding the perfect location. The decision to move is not an easy one. You can never be entirely confident that your business will do better once you transfer. So selecting the best place with optimum opportunities would be your answer.

Speaking of which, Montana has become one of the hot spots for entrepreneurs that are looking for a new business locale. Read the whole article to know exactly the reason.

Why are Business Owners Moving to Montana?

The ‘Treasure State’ has become famous as many establishments from New York, and other regions are moving there hoping to find themselves a fortune. But the question is, out of all the other states, why Montana?

1. Low Cost of Business

It is essential to understand that the cost of doing business affects a company’s success because it determines how much they have to invest. Knowing this also plays a vital role in evaluating the potential income.

However, in Montana, you don’t have to worry as much as they are well known for having a lower cost of business than other states. In addition, the economic incentives are high, making startup costs cheaper to maintain a small-scale enterprise.

The most significant factor that sets Montana apart is that there aren’t many regulations and taxes on the enterprise. The state has no sales tax, and individuals having annual revenue of under $35,000 don’t have to pay for state income.

2. Quality of Life

Quality of life is crucial in doing business because it can affect employees’ productivity and overall well-being. With improved quality, companies are more likely to see an increase in their workforce’s ability to perform at high levels for extended periods, which increases the business’ efficiency and health.

Luckily for Montanans, quality of life is no concern to them as plenty of opportunities for relaxation through almost any outdoor recreation are accessible. Its natural beauty also attracts tourists worldwide who enjoy its untouched wildernesses.

Furthermore, Montana does not have the city’s hustle-and-bustling feel, which gives you more time for tranquility and refreshment. You can live a carefree life within nature with all your necessities without being burdened by bills. The streets are nothing like New York, as the state has the third-lowest population density in America. To top it off, it boasts an all-time low unemployment rate of only 3.7% as of April.

3. Competent Employees

Businesses need to maintain a strong workforce. A company lacking competent employees will not operate at its full potential and may even go out of business due to lack of productivity, increased costs, or missed opportunities.

One of the many reasons why business owners move to Montana is because of their excellent human resources. The state ranks as one of the most educated areas in America, with 44% of adults having an associate degree.

Job finding is hard in Montana due to the lack of companies. But that means employees are more determined to win a job vacancy. In addition, enhanced performance is often linked to the high quality of life that citizens from Montana experience.

With such low turnover rates and an exceptionally stable environment filled with motivated individuals, Montana seems like a haven for prospective business owners looking for excellent labor who are ready, willing, and able anytime there’s work available!

4. Survival Rate for Businesses

Thinking about your business going bankrupt is a nightmare. Over time, a company that is in dire straits may become more and more likely to fail. But companies in Montana seem to have an advantageous survival rate!

As a result of its thriving and healthy natural ecosystem, Montana is known for having the best survival rates of businesses in the US, according to the blueprint.

With an ever-expanding population and the lowest unemployment rate in America, more people have money to spend on goods and services, which can only mean good things for entrepreneurs. The cost of living here also remains low relative to other parts of the country, making it easier for employees and employers alike who don’t want their every penny to disappear overnight.

****

Business in Montana is thriving and becoming more promising. If you’re having trouble looking for a place to transfer, you should consider the developing ‘Treasure State.’ Remember this list as you decide whether to move or not.

How to Start a Business | Montana SOS & Business Entity Search

bozeman | Bozeman MT | , , ,

Are you finally ready to start your own business? If so, it’s important to make sure you take the right steps.

Starting a company isn’t easy, but if you learn what you need to know about business entities and establishing the legal structure of your business, you can avoid making expensive mistakes. Two of the most important aspects of starting a business is choosing the right business structure and ensuring that the name of your business isn’t already taken.

Choose the Right Entity

As you probably know, starting a business isn’t simply putting up a website and selling your products or services. There are legal steps you have to take to make sure that your company is registered with your state and county.

This means you have to choose the right type of business structure so you can register your company the right way. Each type has its advantages and disadvantages.

Limited Liability Company (LLC)

An LLC is an entity that is filed at the state level through the Montana Secretary of State. An LLC allows you to identify your business as a legal entity that is separate from you, the owner. This separation provides you with personal liability protection — mean that you would not be personally responsible for any debts or liabilities incurred by the organization.

Simply put, if someone were to file a lawsuit against your company, they would not be able to come after your assets. They would only be able to file claims against assets owned by the business.

LLC’s are typically taxed as a “pass-through entity,” which means that any taxes will pass through the LLC and go directly to the owner’s tax return.

Corporation

Corporations are like LLCs in that they provide personal liability protection for its owners. However, it is different in the formalities with which they must comply.

Unlike an LLC, a corporation is usually required to hold annual meetings, where the owners would document the proceedings by keeping minutes. Any major changes to the business structure must be properly documented.

Additionally, corporations can be taxed differently that LLC’s. There are two different types of corporations: the s-corporation and the c-corporation. You will want to understand the difference between the two before filing your business.

Sole Proprietorship/General Partnership

A sole proprietorship (if there is one owner) or general partnership (if there is more than one owner) is business filing that is done at the county level. It is the simplest type of business filing, and it allows a person to do business under a different name.

These types of businesses are created by filing a DBA (doing business as) with your local county office. It’s typically less expensive to file your business as a DBA, but one key difference between this type filing and state-filed entities is that it does not provide personal liability protection. You would be personally responsible for any debts or liabilities that your company amasses.

Conduct A Name Search

Before filing your business, it’s best to ensure that you are not using a name that is too similar to another business. If the name you have chosen is too close to another company’s, you run the risk of having your filing rejected or even worse — being sued by another business.

If you’re filing a business in Minnesota, you need to run a search of the Secretary of State’s database to make sure that you are not infringing on someone else’s intellectual property. It’s a pretty easy process. Just visit the Secretary of State’s entity name search and type in the name you are considering using.

Starting a business can be an exciting process, but it is also a challenge. Make sure that you are getting your company started off on the right foot so you can steer clear of any issues.