A new piece of legislation has been signed into effect by Georgia Gov. Nathan Deal in a move to promote new business formation and growth. This new bill is specifically aimed at attracting tourism and small business formation. With this new bill comes a fund amounting to $100 million specifically set aside to support promising technology start-ups.
New business formation will need this fund in their initial start-up phase. This money would be designated to entrepreneurs who would otherwise be forced to move from Georgia or close their business. It is hoped that by promoting new business and tourism, it would bring in more tax money for the state of Georgia.
Business formation requires certain legalities such as contract drafting, licensing, leases, or patents. The legal process behind a new business often requires legal assistance which can be confusing and costly for entrepreneurs. With the state now funding and supporting new business growth, business formation is now an easier to sustain in Georgia.
The ultimate goal for this bill, according to the Governor, is to nurture a business-friendly environment for business formation and new technology start-ups. By setting aside this fund and making venture capital available, it increases tax revenue and attracts new business to a friendly market. It may also encourage growth in other sectors.
It is now easier than ever to start a new business in the state of Georgia. With a new business formation, each legal requirement should be considered and completed carefully. By doing it correctly, and with the support of this new legislation, it will promote success in small businesses.
Source: Atlanta Business Chronicle, “Gov. Deal signs bill targeting venture capital, tourism,” Dave Williams, April 29, 2013