Our Denver business formation attorneys are interested in this shifting trend, which was proven through the number of small business loans that are being requested from a number of financial institutions.
Within the last year, immigrants in the U.S. were twice as likely as U.S.-born residents to start a new business last year.
So why is this?
According to the report, it has to do with the fact that prior to the housing bubble burst that set off the Great Recession, many immigrants worked in low-wage sectors that were hard-hit when the economy started to tank. These would include industries like construction.
So out of work and with few options, many have decided to get creative and go into business for themselves. In particular, Hispanics, who account for more than half of the U.S. immigrant community, have started founding new businesses at a faster rate than any other ethnic group. In fact, they are playing an important role in our overall economic recovery.
Back in the mid-1990s, immigrants made up about 15 percent of all new entrepreneurs. Now, they are at about 28 percent – doubling in size.
This is great news for our economy, and we want to wish them well in their endeavors. We would also encourage them to hire a Denver business formation attorney who can educate them about the legalities of their new business and what they need to know to avoid future Denver business litigation.
In fact, consulting with a Denver business formation attorney is not an optional luxury – it really is a necessity. There is so much to think about when starting a new company, and it’s easy to sometimes overlook some of the fine-print legal issues. But they can cause major headaches down the road.
It starts in the very beginning with deciding which legal structure best suits your business (LLC, corporation, cooperative or non-profit) and continues with tax filings, registrations, licensing and permits and an understanding of what your legal responsibilities are as an employer and a small business owner.
We can help.