Launching a new company is an exciting time for an Oregon entrepreneur. This step usually comes after months of preparation, planning and organization, and it’s easy to understand why a person may be anxious to move forward as quickly as possible. While this enthusiasm is laudable, it’s often most prudent to slow down the business formation process in order to make the best possible choices for the future of the small business.
During the early stages of the business formation process, an owner will make certain choices. These are decisions that will undoubtedly have a significant impact on the direction of the company and daily operations. This includes the choice of entity, which determines things like tax structure and the personal liability of the business owner for business debts.
When considering the options for business types, thinking long-term can prove beneficial. However, if the needs of the business grow and change over time, it could be possible to change the type of entity, although this can be a lengthy and complex process. In addition to deciding how the business will be structured, an owner may also want to think about establishing a process for dealing with disputes. This can save both time and money in case of complications in the future.
These are important decisions, and reaching the right conclusions is important. Many Oregon entrepreneurs find it helpful to discuss their specific concerns with an attorney familiar with the business formation process. Securing experienced guidance can reduce the chance of making choices or taking steps that may have a negative impact in the future.