Starting a small business is an exciting step for an Oregon entrepreneur. During this process, there are several important legal and financial factors to consider that will impact business operations going forward. The choices made during the business formation process are critical to the future of a company, and it can be beneficial for an owner to think carefully about all options before moving forward.
One important step during this phase is to carefully review the business plan. Part of the business plan may also include how a business will obtain the financing necessary to start operations. Another step is to be certain that all necessary licenses are applied for or already obtained, such as the licenses that a restaurant will need to service alcohol.
During this process, a business owner will have to choose what type of business entity is best for his or her company. This decision will affect personal liability for business debt, tax issues and more. Choosing a legal structure is an important choice, and it’s smart to know all options before moving forward. After this, there are other steps a business owner will have to take, such as registering with the local government, drafting employment contracts and more.
The decisions made during the business formation process will impact the company for years to come. It is prudent for a business owner to have experienced guidance at every step in order to ensure that he or she makes choices that are suited for the type of business and unique company goals. It may help for an owner to start with an assessment of his or her business plan and goals with a knowledgeable Oregon business law attorney.