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A Blog by Jack Graham, Attorney

All materials have been prepared for general information purposes only to permit you to learn more about our firm, our services and the experience of our attorneys.  The information presented is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. 
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​WORD ON THE STREET

11/14/2018

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       Recently, the word on the street has it that anyone operating a real estate brokerage or property management business in the State of Oregon must be organized as an entity registered with the Secretary of State, Corporation Division.  Entities include corporations, sub-chapter S corporations, limited liability companies, general partnerships, limited liability partnerships and limited partnerships.
 
         The point of this gossip was that you may no longer operate your business as a sole proprietorship.  That is wrong.  You may operate as a sole proprietorship.
 
       We don’t know where this started.  Makes no difference.  There is no legal requirement established by the Real Estate Agency that you change from a sole proprietorship to any of the entities named above.  You may continue as a sole proprietorship or initially organize as such.
 
         On the other hand, do not misconstrue this as advice that you should organize as a sole proprietorship.  There are many reasons for organizing an entity such as liability protection, possible advantageous tax effects and continuity in case of incapacity.
 
         Be sure to discuss how you may benefit from using an entity with your attorney and CPA.  The benefits are likely to be significant, so have that discussion now.
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