As per statutory requirements, all Oregon LLCs registering should have a valid business name that contains the phrase ‘Limited Liability Company’ or its corresponding abbreviation which is ‘L.L.C.’ or ‘LLC’ in the actual name itself. Also the name should be distinguishably different from any business entity that is duly registered in the Secretary of State of Oregon.
To verify the LLC name’s validity, you can double check it through the Oregon business registry database. If it is valid and available, you can have it reserved by filing an Application for Name Reservation through the Central Business Registry or through postal mail. The reservation is valid for 120 days with a $100 filing fee.
Every Oregon LLC must have an Oregon Registered Agent to legally register his business and for compliance purposes. There are a few state-mandated requirements that must be observed.
An individual or another business entity can be the Oregon Registered Agent provided that (1) the individual is a resident of Oregon; or (2) the business entity is legally registered to operate in the state. In addition, the Oregon Registered Agent should provide a physical street address upon designation.
A Registered Agent service can reach up to $160 per year. However, if you start your LLC with IncFile, you can have a Registered Agent service for free.
To begin the process of registering your Oregon LLC, you need to file your Articles of Organization to the Secretary of State of Oregon. The following information should be provided in the form:
The Articles of Organization can be filed through the Oregon Central Business Registry or through postal mail.
LLC Filing Fee: $100
When operating an Oregon LLC, you are required to have an Employer Identification Number (EIN). This 9-series number is a unique identifier for your LLC, and is used in almost all business transactions and operations.
You can request for EIN right now by applying for free online at the IRS website.
As you begin operations of your Oregon LLC, you will need to separate your business’ financial transactions from your personal ones. This allows you to easily monitor business finances and cash flow; thus, the better management of your business operations. In line with this, you have to start a separate business bank account.
Recommended Resource: Refer to this resource roundup of the best options for business bank accounts which might be suitable for your business.
To complete the process of incorporating your Oregon LLC, the following steps should also be strictly observed.
Writing a business plan is not a statutory requirement, but doing so will ensure that you have the leverage for a successful business venture.
A business plan provides clear-cut direction to align short and long-term business goals, along with the strategic guidelines on how to achieve those very goals. Our resources below should give you an idea on how to effectively draft an effective business plan.
As an Oregon LLC business owner, it is your responsibility to keep track of your Oregon business tax obligations. So you can keep track of every single requirement for business taxes, register online at the Oregon Revenue Online.
Recommended Resource: To better manage your finances and track your expenses without expending too much time on this task, you can use Xero, an effective small business accounting software. Try the 30-day free trial period of Xero now!
In addition to Oregon business taxes, you must also take care of the necessary licenses and permits required to operate as a legal entity in the state of Oregon. Licenses and permits vary at the state and local levels, so you should take time to research the applicable deliverables for your specific business.
Recommended Resource: If you’re pressed for time to take care of all the requirements for business licenses, you can use a professional service to help you. This excellent package should get you started. Alternatively, you can use this resource guide from the SBA.
As soon as the Oregon LLC is formed, the next step is to create an LLC Operating Agreement. This document primarily defines the LLC’s operating terms and the responsibilities of each of the LLC’s members. Also, it protects your rights as a business.
Even if an Operating Agreement is not mandatory by the state, you must create your very own LLC. Start now with this fully customizable Operating Agreement.
With the growing influence of the Internet even in the business sector, having a physical business without a business website is definitely a bad practice. You must create a business website to maintain an online presence. You can do so easily with the help of Bluehost, with its one-click WordPress installation.
Recommended Resource: Learn the basic steps to making a website with this step-by-step instructional guide.
Please be advised that this article is not a legal document or a legal advice. It is used for the intent purpose of providing information on how to form an Oregon LLC. Also, take note of annual reports that need to be filed each year of business operations. For further information on Oregon annual reports, check here.