The ability to establish business relationships with tribal governments is a highly sought-after skill. Tribal governments can provide a host of advantages for businesses, particularly tribal corporations. A tribal corporation is a business that operates under the sovereign law of a tribal government instead of state or federal regulations. Understanding the inner workings of a tribal government is important when securing partnerships between businesses and tribal governments.
Learning how sovereign and semi-sovereign tribal governments operate is a great way to prepare for business relationships with these governments. An online MBA program is a useful tool that can help you understand the differences between tribal corporations and standard corporations. Since the differences between tribal governments and the U.S. government can vary, it is important to research those differences and how they may affect business relationships.
Sovereign Governments Versus the United States Government
Tribal corporations adhere to the laws and regulations established by the tribal government under whose regulation they do business — rather than the regulations of the U.S. government. This means that the tribal government oversees business endeavors, so a business relationship with a tribal corporation offers certain incentives.
Thanks to the online MBA program with an emphasis in Native American Leadership at Southeastern Oklahoma State University, you can become familiar with these incentives, such as tax exemptions, relaxed regulations, tax credits and preferential contracting options. These benefits make working with a tribal government an enticing proposition for businesses. Furthermore, business relationships are also welcome in tribal communities because the investment benefits both parties through job creation and income generation.
How Tribal Communities Benefit From Business Relationships
Outside investment in tribal communities is welcome because it creates employment opportunities. Historically, some Native American communities have struggled with high unemployment and low incomes, which limits how families can improve their lives. It is only fitting for tribal governments to establish business relationships because the money they generate can strengthen the local economy.
How Businesses Benefit From Tribal Government Relationships
Tribal corporations can save money with an exemption from state or federal taxes, which is an attractive incentive. Since tribal governments are sovereign entities, they are not bound by the state and federal tax regulations the rest of the population must adhere to. In addition, these businesses could actually obtain tax credits for new investments on Native American reservations.
How the Online MBA Program Can Help
The online MBA program in Native American Leadership will guide you through the specifics of running and operating a business that works with a tribal corporation. Courses like Financial Management and Research Methods will assist you in making informed, calculated decisions when you create relationships with businesses and tribal governments.
Learn more about the SOSU online MBA with an emphasis in Native American Leadership program.
Chron: Tax Advantages for Businesses on Native-American Lands