BUSINESS OWNER TIP:
If you are currently a Sole Proprietor or business owner (you are selling a service or product) and you HAVE NOT REGISTERED your business…. DO IT NOW.
You want to do this to LIMIT YOUR LIABILITY. If you are not registered and for some reason you get SUED, all of your personal assets could be subject to that lawsuit. This is why you want to REGISTER YOUR BUSINESS.
At the very least, you have the option to register as an LLC (Limited Liability Company). This will “limit your liability”, and you will be protected from personal liability for business decisions or actions of the LLC, hence the name “Limited Liability Company”.
The cost to register is roughly $50.00 with the IRS and $100.00 for the State of Oregon.
Feel free to contact me for consultation. I’m happy to help!