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More 'gray' entrepreneurs entering the marketplace

As more baby boomers turn 65 every day, the definition of the term "entrepreneur" continues to change. Indeed, those who are starting businesses still evoke images of young twenty-somethings who have casual Friday every day of the week, but the more people who are victims of corporate downsizing or need to maintain their financial integrity, more senior citizens are working for themselves.

According to a Forbes.com article, baby boomers are the fastest growing entrepreneurial group; up 11 percent to 25.8 percent in 2014. Compared to 1996, baby boomers only made up 14.8 percent of entrepreneurs. 

Besides the need for supplementing their income, baby boomers are poised to be successful because they have diverse business backgrounds and a solid foundation for business success based on what may have worked for them previously. Also, their physical and emotional health may depend on them remaining in business. Today's baby boomers are expected to live an average of 21 years longer compared to those of comparable ages in 1980. With life expectancies expanding and people potentially outliving their savings, being entrepreneurs may be good for future baby boomers.

But a good part of every small business is being savvy with the laws that control their respective business; especially as it applies to recordkeeping, contracts and taxes. Because of this, an experienced business law attorney can help gray entrepreneurs avoid the pitfalls that can lead to trouble.

If you have questions about forming a business or purchasing an existing one, we stand ready to assist you.

The preceding is not legal advice and does not establish an attorney-client relationship. 

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