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Slinde Nelson

Business formation for entrepreneurs in their golden years

On Behalf of | Mar 30, 2020 | Business Formation

Starting a business can be a complex process at any stage of life, but it can be especially tricky for people who are in their golden years. Before starting the business formation process, there are specific things an older Oregon entrepreneur will want to consider. Retirement can be a great time for new things, and that may include starting a new business venture.

One of the first decisions to make when starting a business is choosing a business entity. The structure of a company will determine things such as taxes and the personal liability of the owner for business-related debts. A popular option is a limited liability company, which allows the owner to protect his or her personal assets against creditors seeking payment on company-related liabilities. There are other options for business entities, and the right choice depends on the type of company and the goals of the entrepreneur.

There are legal and financial implications to every choice an entrepreneur makes. The decisions made during the beginning will impact a company for years to come, and it is helpful to think long-term when considering things such as the right choices for the business entity. These are complex choices, and this is why Oregon entrepreneurs may find it helpful to work with an experienced legal professional.

Before launching a new company, it may be helpful to seek an evaluation of the individual case with an experienced attorney. Knowledgeable guidance can be an invaluable asset while walking through the business formation process. This can allows an entrepreneur to move forward with confidence, avoiding setbacks and costly complications along the way.