Through out the third world, you will find varying elements that drive a country’s economy. This is due to the fact that these countries are in a developing phase. In contrast, in our developed economy it is small business that drives the nation’s economy. The main reason for this is because over 99 percent of all American businesses are small and they create 75 percent of the total new jobs. These small businesses also employ more than half of the nation’s non-farm private employees.
Any time there is a recession; things begin to depend a lot on small businesses. People who do not find jobs can have a better option of starting their own small trade or sales agency. When there is a crisis large size companies begin to lay off people, some even shut down.
At a time of economic crisis it is important to bolster up new business set ups, so new jobs can be created. Most of us do not know the importance of entrepreneurial enterprise. Small enterprises increase business and as such economic activity. There fore, the state should look towards encouraging people to start their own business set up. There can be more incentives for small business growth such as free licensing, tax cuts and so forth.
Past research has proven most of the major sectors of the economy such as construction; professional, scientific, and technical services; and health care and social assistance are all dominated by small business. So the importance of new business startups cannot be ignored and should be made simple and easy for everyone. You can start a small business online by finding an online business and legal form vendor. Some of these also help you with advice on small business incorporation. Those with an existing business setup may want tax benefits of an LLC.
Business incorporation, non-profit filings, forming an LLC in Texas is now even easier.