What’s a few feet of snow to Bend’s intrepid entrepreneurs? Judging by the number of businesses registered in January, not much: Bend entrepreneurs kicked off 2017 with over 300 new business registrations. Three of them 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. And that’s just one insight from today’s first monthly Bend Entrepreneur Report.
Here at EagerLaw PC, we sifted through the Oregon Secretary of State’s Oregon business data for January to see what Bend entrepreneurs were up to last month, and here’s what we found:
- 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).
What else did the data tell us? For starters, Bend’s harsh winter and expanding construction industry were both reflected in the January registrations. Along with the three new business registrations apparently inspired by Old Man Winter, eight January business registrations appeared to be centered on homebuilding and construction, while four new cleaning businesses were registered. The design industry in Bend appears to be on the rise as well, with 11 new design-related business entity names registered last month.
Bend entrepreneurs registered more LLCs in January than ABNs
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. Why were there more LLCs? Chalk it up to the advantages LLCs offer business owners.
An LLC is a flexible, easy-to-form business entity. 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.
What’s next for the Bend Entrepreneur Report?
While business entity registration is closely tied with new business creation and these results are certainly interesting, it is difficult to draw economic conclusions from the initial Bend Entrepreneur Report. But stay tuned, because in the months ahead, the Bend Entrepreneur Report will provide comparisons from month to month and year to year. We’re hoping over time we’ll be able to see economic trends and cycles emerging as we continue analyzing the data.
Have a great Bend business idea?
If you’re ready to join the ranks of Bend entrepreneurs registering new businesses in February, let’s sit down for a free consultation. Fill out our quick and easy contact form at LLC Bend, and we’ll get you scheduled to chat with our seasoned Bend business attorneys. We’d love to include your new business in the next Bend Entrepreneur Report!