Business law: Choosing the correct legal structure for a business

Forming a new business can be an exhilarating opportunity, but the process can also be complex by nature. Individuals in Oregon who wish to bring their ideas to life will likely need to consider multiple factors when deciding what route their business will take. Since choosing a legal structure can be one of the toughest decisions in starting a business, prospective entrepreneurs may find it beneficial to seek guidance from a business law attorney early in the process.

There are a variety of legal structures to choose from, and prospective business owners may need to consider several variables when picking the path that is right for them. For individuals who wish to start and run a company on their own, a sole proprietorship could be a viable option. If there are two or more individuals who wish to start a company together, a partnership might be a route worth considering.

Two or more parties who wish to enter the realm of business ownership together could also consider acting as members in a limited liability company. Another option for business owners involves forming a corporation, which is the most complex legal structure of the four. This is the most prevalent path for business entities that will consist of shareholders or plan to hire multiple employees.

Picking the correct legal structure can be an intimidating experience, but it can also be vital. Entrepreneurs in Oregon who wish to obtain advice on each of their available options could benefit from consulting with a business law attorney as soon as possible. An attorney can help a client cover every vital aspect of forming a new business and assist him or her in navigating the process.

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