An Oregon LLC is formed by submitting the Articles of Organization-Limited Liability Company to the Secretary of State. The articles must contain the following information: the LLC’s name and address; term of existence; name and address of the LLC’s registered agent; name and address of each organizer, and the management structure of the LLC.
The registered agent of the LLC must have a physical street address in Oregon. The agent can be an individual or business entity that will accept legal papers on behalf of the LLC.
The naming requirements for an Oregon LLC includes having the terms “Limited Liability Company” or the abbreviations “LLC” or “L.L.C.”. The business name search at the Oregon Secretary of State website (http://egov.sos.state.or.us/br/pkg_web_name_srch_inq.login) can be used to check for name availability.
What is an LLC?
LLC refers to a Limited Liability Company, and it is organized by business owners. They have fewer corporate formalities and can be taxed by the IRS as a sole proprietorship, S corporation, or C corporation.
Each state has different requirements and regulations regarding the formation of an LLC. Business owners should check with state laws when considering forming an LLC.
Owners of LLCs are known as members, they can be individuals, corporations, other LLCs, or foreign entities. There is no limit on the number of members an LLC can have. In most states, “single-member” LLCs are allowed, where there is only one owner involved in managing the LLC.
The IRS will treat the LLC as a corporation, partnership, or included in the LLC owners personal tax return. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless they file Form 8832 and elect to be treated as a corporation.
LLCs carry tax advantages over other forms of business such as limited partnerships. The owners of an LLC do not assume personal liability for business debt, and any losses of the LLC can be used as tax deductions against active income.
An LLC can be formed through the state business formation process or consulting with LegalZoom.