The first step to forming your Oregon Corporation is to name it. The name should meet state requirements and should still be available for use. Any of the following words should be in the actual business name: ‘Corporation’, ‘Company’, ‘Incorporated’ or ‘Limited’. An abbreviation of the preceding words or any word in foreign language with the same meaning can also be used.
The Corporation name should also be unique and does not resemble any existing business name registered with the Secretary of State. To check the name’s availability, go to the Oregon business name database. If it is available, file an Application for Name Reservation to the Oregon Central Business Registry or through postal mail for a 120-day name reservation. A $100 filing fee should be paid.
Your Oregon Corporation can only become a legal business entity if you have filed the Articles of Incorporation to the Secretary of State. The form can be filed online or through postal mail. The following information is required when filing the form:
Filing Fee: $100
Another mandatory requirement for an Oregon Corporation is to retain the services of a Registered Agent. The following statutory requirements should be observed: (1) an individual residing in Oregon or a business entity registered with the Secretary of State can be a Registered Agent; (2) a physical street address has to be provided upon designation.
Hiring a Registered Agent can cost your business up to $160/year of professional fee. Nevertheless, if you decide to form your Oregon Corporation with IncFile, you can get a Registered Agent for free.
A Corporate Records Book holds all the vital documents and legal paperwork of your entire Corporation. Documents such as copy of Articles of Incorporation, tax reports, business tax receipts, license copies, business plan, etc. should all be placed here.
A Corporate Records Book is available at the local office supply shop or it can also be shipped directly via Amazon.
It is the duty of the incorporator to elect the initial directors for the Oregon Corporation. These directors will be on the board until such time that a newly elected set of directors can replace them during the first annual shareholders meeting.
After the directors are elected, an Incorporator’s Statement should be drafted with the name and address of each of the directors indicated. This form should then be kept in the Corporate Records Book.
When the directors are elected, immediately schedule an initial meeting. During this time, it is important to discuss and decide on the following agenda:
If the Corporation files for an S Corp status, this should also be taken up during this meeting. The agenda should be recorded in the minutes of the meeting to be signed by all the directors.
For Oregon business tax and license requirements, you should follow this three-step process:
Your Oregon Corporation should have a separate business bank account from the incorporator. This is to ensure that all cash flow, finances, and expenses involved in the daily operations of the Corporation are closely monitored and recorded. Before operations begin, open a business bank account.
Recommended Resource: This resource roundup on the best business bank accounts should give you an idea what to choose.
After you have completed the eight steps above, it’s also more beneficial for your Oregon Corporation to follow these three additional steps.
A business plan is not a state mandatory requirement, but having one in your Corporation solidifies business goals and implements concrete steps towards achieving these.
A business plan is used for a variety of purposes, but its two most important purposes are to obtain the necessary capital funding for your Corporation and be the blueprint to success. Start your business plan with the resources below.
Build a professional website not just to create an online presence, but to make sure that you are able to expand your target market and reach out to more consumers. You can now create your own website through the one-click installation feature of Bluehost.
Recommended Resource: For a walkthrough of the steps involved in designing a professional website, you can check this step-by-step guide.
Corporate bylaws are the rulebook of a Corporation. It organizes the internal management and operations of the Corporation by outlining the responsibilities of each of the shareholders, the directors and officers. Simply put, it is the Corporation’s operational blueprint.
Corporate bylaws are not filed with the Secretary of State, but it is still an important document you need to draft.
This article should only be treated as an informational guide. For intricate legal matters regarding the formation of an Oregon Corporation, talk to a business lawyer. Also, for maintenance requirements, an Annual Report has to be submitted every year the business is in operation. For further details on it, check here.