Nebraska‘s manufacturing, construction and service industries will lead the way in adding jobs and expanding the state’s economy, according to the new long-term forecast from the University of Nebraska-Lincoln’s Bureau of Business Research and the Nebraska Business Forecast Council. This will also raise non-farm income in the state. Non-farm income will grow between 3.6 and 3.8 percent each year.
Nebraska has 151,088 small businesses, according to the most current federal data available. Of those 151,088 small businesses in Nebraska, 44,703 have employees. The remaining 106,385 are Nebraska small businesses that have no employees.
The climate for entreprencurship in Nebraska is shaped by many forces, one the most important of which is the Nebraska cconomy. Economic and business conditions can influence the willingness to assume the risk of starting new businesses and may determine whether they succeed or fail.
The Nebraska economy, however, is a mixed one, which means that there is activity in both the public and private sectors that affect entreprencurship.
Nebraska is home to large companies such as: Berkshire Hathaway, Union Pacific Railroad, Cabela’s, Home Instead Senior Care, Werner Enterprises, West, Valmont Industries, Kiewit, Nebraska.gov, Lakeside Orthopedics
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The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and a few different types of corporations—the standard corporation (often called a C corporation or “C corp”), the small business corporation (often called an S corporation or “S corp”), and the benefit corporation (often called a B corporation or “B corp”).
The most common business structures are:
Happens when you operate your business as yourself. There is no separate legal entity created; the law treats you and your business as one person. You are responsible and personally liable for all business activities or wrongdoing.
The same thing as a Sole Proprietorship, but just with 2 or more people. Like a Sole Proprietorship, a Partnership doesn’t create a separate legal entity and the partners are responsible and personally liable for any business activity or wrongdoing.
A more complex legal structure that requires a board of directors, corporate officers, and shareholders. Corporations don’t usually work for most small business owners since they face double taxation. Corporations can be beneficial to companies that are looking to raise capital investment, take the company public, or have large healthcare expenses for their employees. The most common types of companies that form Corporations are high-growth technology and startup companies.
Unlike a Sole Proprietorship or a Partnership, a Corporation is a separate legal entity from its owners (called shareholders). It provides them with personal liability protection.
A legal entity that combines the benefits of a Corporation and a Sole Proprietorship/Partnership.
An LLC in Nebraska is a separate legal entity under the law. And like a Corporation, it provides personal liability protection for the owners. If the LLC is sued, the owner’s personal assets – like their home, cars, and bank accounts – are protected. And like a Sole Proprietorship/Partnership, an LLC has pass-through taxation (so there’s no double taxation).
A Nebraska LLC is the most popular option and a good choice for people who want to run a small business for two reasons:
Unlike a Sole Proprietorship (and a Partnership), your Nebraska LLC’s assets are separate and distinct from your personal assets. In the event your LLC gets sued, your personal assets are protected.
And unlike a Corporation, your LLC is not subject to double taxation. Instead, your LLC’s profits will “pass-through” to your personal tax return and federal taxes are paid just once.
Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:
Depending on the business structure you chose you will need to register your business.
With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.
– Open a business bank account:
– Get a business credit card:
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
Here are some links for Nebraska Businesses:
Selling products? Check Nebraska Resale Permit
Your brand is the image customers have of your business, so it’s important to determine who is your audience and what is the message that you want to project. That way, your company’s image will be what you intend it to be. It should be strategic and intentional.
Creating an optimized website helps you to gain important visibility for the right terms. A website is a powerful sales tool and one that allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action.
In addition to a website, you should also consider other avenues for promoting your business online: