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Business formation involves the networking of many functions

Getting a business started in Oregon is a straightforward process that involves some hard work. Developing the habit of deep focus on the outcome, i.e., visualizing success, will help also. Business formation is subject to some concrete guidelines and tips. Here are some that are important in getting started in the right direction.

If still at the conceptualization level, do some research on the concept of the business and the customer needs that it proposes to fill. Make sure there is a sufficient demand or need for the product or service. Bring on a good business formation attorney and an accountant to collaborate in providing a strong legal foundation and a competent framework for processing and filing taxes and other required paper work.

In conjunction with the attorney and the accountant, select and put in place the strongest legal form for the business. This is often an LLC, a flexible business construct that continues to grow in popularity. It can also be an S Corp, a C Corp, a form of partnership or even a sole proprietorship.

Continue with fund-raising where necessary. In addition, obtain a bank to set up basic accounts, and try to choose one that is active in lending and credit lines for small or medium business enterprises. Next, look to the marketing function and develop a brand identity. Here the company wants to have a consistent image and voice with which the consuming public can identify.

The brand name effort includes registering, through the services of an attorney, all trademarks, patents and copyrights owned by the business. For businesses located in Oregon, an attorney in the general geographic locality of the business is preferable. Importantly, it is also necessary to develop a website. This is mandatory in the current culture as most people will check online to verify the authenticity and reliability of the company. There are many other business formation steps to be taken for the long-term life of the company, but the foregoing will get things started in the right direction.                                  

Source: heraldpalladium.com, "Road to success begins with the right first steps", Aug. 13, 2017

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