Business Xpress Startup Toolkit Step 1 – Name & Structure
Ruth Miles (00:01):
Welcome to the start of business video series produced by the Oregon Secretary of State Corporation Division. This video series is designed to help those starting a business in Oregon. Understand the steps involved and supplements. The business express startup toolkit found online.
Ruth Miles (00:18):
The first step in starting a business is to choose a name and structure. Most people starting a business already have an idea about what they want to call their business to make sure that the name you selected isn’t already taken, use the business name, search tool.
Speaker 2 (00:34):
Click the radio button that says business, name, availability, check, type your name in the business name, field, and click search. If your name’s not available or there’s a conflict, the system will tell you so. Go back, type in a different name, and click the search for a business name button, and you can see the system will tell you if the name appears to be available. They’ll make that final determination about whether your name is available at the time you register. A business name must be distinguishable on the record as defined in Oregon administrative rule.
Ruth Miles (01:12):
When it comes to choosing a legal structure, it’s best to educate yourself about each of the structures and make a decision about what works best for you and your business. Some of the most common legal entities are shown here with select features displayed the most common choices for businesses in Oregon are sole proprietorships and general partnerships, limited liability companies and corporations. Any of these types of businesses may also register an assumed business name, which is also called a DBA or a fictitious business name.
Ruth Miles (01:48):
LLCs and corporations offer a structural layer of asset protection for business owners and principles in that should the business be sued, the assets of the LLC are at stake before the personal assets of the LLCs and members or managers. Assumed business names or deviates sole proprietors and general partnerships are the simplest form of business in which one or more individuals conduct all aspects of the business, and personally take on all associated liability. LLCs are organized through member or owner interest in the organization. Corporations are businesses owned by shareholders who act as a single entity, even though there may be a board of directors, a president and other officers or principals. As the business owner only you can make the decision about how you want your business structured, if you aren’t sure which entity to go with, consider talking to an attorney about how to organize your business. Thanks for watching and check out our other start a business videos for more information.