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Business formation in a time of uncertainty

On Behalf of | Jun 3, 2020 | Business Formation

It’s always a complex process to start a business, but it can be especially complicated in a time where sickness, social unrest and economic uncertainty dominate the headlines. Some Oregon entrepreneurs may be tempted to hold off on their plans because of all these things, but this may be a good time for business formation. Some of the strongest and most successful companies were started in recessions, and they have found ways to survive and thrive in difficult times.

One of the struggles that existing businesses have during economic hard times is that they are trying to keep up sales for current goods and services. New businesses don’t have to worry about maintaining the status quo because they are offering something new to customers or striving to meet a need in a novel way. In this time of uncertainty, there are many new needs and opportunities for a new business to fill in the gaps and establish themselves.

In a recession, it’s easier to find employees in need of jobs, equipment for reasonable prices and business loans with fair interest rates. Oregon entrepreneurs considering their next step will find it beneficial to seek guidance regarding the legal protections they need and important steps to take before launching operations. For many with good ideas and motivation, current circumstances represent a good time to move forward with starting a new company.

Business formation requires important legal decisions, such as choosing the right business entity. The choices made during the early stages are significant for the future direction of a business. This is why a potential entrepreneur will find it beneficial to work with an experienced legal professional from the very beginning.