You may recall a perplexing question faced by economists after the pandemic when people began to return to their offices. A great many people did not go back to work at all. At one point, 10 million open jobs existed in the U.S. Economists wondered what happened to all those missing workers.
Many former employees decided to take the entrepreneurial plunge and start their own businesses. It is worth noting that most new business owners had little experience as CEOs. This resulted in these startups running into legal issues that are actually fairly simple to avoid.
Watch out for these pitfalls
Here are a few simple steps that can help you avoid greater legal issues going forward:
- Let the proper Oregon agencies know you are in business. Make sure to register with the Oregon Department of Revenue and, if you are doing business in Portland, with the City of Portland/Multnomah County.
- Verify you have chosen the proper tax status. Knowing what IRS tax category to select makes a world of difference.
- Create a workable Operating Agreement. This will eventually lead to your Articles of Organization but in the meantime sets out who is the boss and who everybody else is.
- Conduct business as who you are. If you register a company name, you can only use that name, unless you also register a DBA (doing business as) name.
Check out the state’s guidelines
If you haven’t done it already, discover the state’s business guidelines as established for new business startups.
Oregon is an enterprise-friendly state for the most part. It works a lot more smoothly for those who know and follow the rules.