Submitted Press Release
Three entrepreneurs struck while the iron was hot—or, more accurately, while the ice was accumulating—last month and registered new Bend businesses apparently focused on snow and ice removal. That’s just one insight from the first monthly Bend Entrepreneur Report, released by Bend’s business attorneys at EagerLaw PC.
EagerLaw PC sifted through the Oregon Secretary of State’s Oregon business data for January to create the Bend Entrepreneur Report. Their findings include the following:
- There were 325 new business registrations in Bend during January 2017.
- Of those, 155, or about 48%, were registered as Domestic Limited Liability Companies (LLCs), while 121, or about 37%, were registered as Assumed Business Names (ABNs). 30, or about 9%, were registered as Domestic Business Corporations (corporations).
- The remaining 19 new business registrations were divided between Domestic Nonprofit Corporations, Foreign Business Corporations, Foreign LLCs, Foreign Limited Partnerships, Domestic Limited Partnerships, and Domestic Professional Corporations (PCs).
While business entity registration is closely tied with new business creation, it is difficult to draw economic conclusions from the initial Bend Entrepreneur Report. Future reports will provide comparisons from month to month and year to year and may indicate economic trends.
The impact of Bend’s harsh winter and expanding construction industry is evident in the January registrations. Along with the three new business registrations apparently inspired by Old Man Winter, eight January business registrations appeared to join Bend’s busy construction scene, while four new cleaning businesses were registered. The design industry in Bend appears to be on the rise, with 11 new design-related business entity names registered last month.
Though ABNs are simple to register in Oregon and associated registration fees are half those of registering LLCs, January saw 11% more LLCs registered in Bend than ABNs. EagerLaw founder and attorney Jeff Eager attributes the difference to the advantages LLCs offer business owners.
“An LLC is a flexible, easy-to-form business entity,” Eager stated. “But for most entrepreneurs, the greatest value in registering as an LLC lies in personal asset protection. A sole proprietorship or partnership, which is essentially what many assumed business names are, exposes the owner’s personal assets in the event of a lawsuit. An LLC, on the other hand, helps to shield the owner’s assets in many cases.”
The Bend Entrepreneur Report is a new free service from EagerLaw PC. The firm will analyze the state’s raw data on business registrations in Bend each month and compile information about the latest entrepreneurial activity, pinpointing trends and cycles as they emerge.