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How to Start an LLC in Oregon (May 2024 Update)

Meow Technologies, Inc.

Meow Technologies, Inc.

The number of small businesses in Oregon continues to grow rapidly year after year. Many entrepreneurs are discovering that forming an LLC (limited liability company) is an ideal way to establish a business in Oregon. LLCs combine the pass-through taxation of a partnership or sole proprietorship with the limited personal liability protection of a corporation.

An Oregon LLC protects your personal assets in case of business lawsuits or bankruptcy. As an LLC owner, you cannot be held personally liable for any legal or financial actions taken against the business (although there are exceptions like fraud or personal misconduct). At tax time, an LLC allows business income, losses, deductions and credits to "pass through" to the LLC owners’ personal tax returns. So you avoid the dreaded "double taxation" corporations face.

With the proper business licenses and permits, an Oregon LLC can conduct just about any type of lawful business activity within the state. LLCs are also fairly easy to establish and have minimal annual maintenance requirements. Read on to learn the step-by-step process for starting your own Oregon LLC.

Steps to Form an Oregon LLC

Follow these main steps to legally create your Oregon limited liability company:

1. Choose a Business Name

Your Oregon LLC name must contain the words "Limited Liability Company," or abbreviations "LLC" or "L.L.C." It cannot contain words that imply the LLC is a corporation or other type of business entity.

Prior to filing, you must conduct a business name search to confirm your chosen name is distinguishable from existing names in Oregon's business registry database. If your desired LLC name is taken, get creative with synonyms, rearranging words or adding unique identifiers until you have a business name that passes the search.

You also have the option to reserve an available LLC name with the state for up to 120 days while you complete the rest of the filing process. The fee to reserve a name is $100.

In addition to clearing your LLC name with the state registry, check that desired web domains and social media handles aligned with your business name are available. Purchase any relevant domains and create matching social media profiles now to establish your brand identity online.

2. Choose a Registered Agent

Oregon requires all LLCs to appoint a registered agent—an individual or company service that agrees to accept official mail and legal forms on behalf of your business. Your registered agent must have an in-state physical address (no P.O. boxes or virtual offices) and be available to sign for deliveries during normal business hours.

You can choose a third-party registered agent service for convenience and extra privacy. Or, in a pinch, you can be your LLC's registered agent if you don't mind listing your personal home address in the public company records.

3. File Articles of Organization

To legally register your Oregon LLC, you must file formal Articles of Organization paperwork and pay a $100 state filing fee. Exact details such as your LLC’s name, registered agent, business address and management structure will be entered on this form.

The easiest route is to file your articles electronically through Oregon’s online business registry portal. You can also file by mail or in-person. Processing times average 1 business day online up to 4 weeks by mail.

4. Create an Operating Agreement

An operating agreement outlines your LLC's ownership breakdown and establishes rules for its operation. Creating one is an essential (though not legally required) step to help maintain your liability protection as a separate legal entity.

Your agreement should detail all "big picture" elements like percentage stakes of LLC ownership, distribution of profits/losses, voting procedures, member responsibilities, adding/removing members and other structural or financial considerations you want to define upfront.

Single-member LLCs benefit from having an operating agreement for the same reasons as multi-member LLCs. Don't skip this step even if you are the only owner.

5. Obtain an EIN from the IRS

Apply online with the IRS for free to get an employer identification number (EIN) for your Oregon LLC (even if you don't plan to have employees). EINs function like Social Security Numbers to identify your business entity to banks and tax authorities.

While technically optional for single-member LLCs, you'll still want an EIN to open business bank accounts and keep some personal privacy.

6. File Additional Required Paperwork

Stay on top of ongoing reporting and compliance paperwork to keep your Oregon LLC in good legal standing. These include:

  • Submitting an Annual Report to the state ($100 fee)
  • Understanding tax obligations like estimated quarterly payments
  • Applying for relevant business licenses and permits
  • Filing a new federal Beneficial Ownership form starting in 2024

After Forming Your Oregon LLC

Congratulations, all the legal formation steps are complete! Now focus on launching your LLC by:

Helpful Oregon Resources

Don’t go it completely solo. Oregon offers local small business support services like:

  • One-on-one assistance through the Office of Small Business Assistance
  • The Secretary of State’s widely published online guides and video tutorials
  • Networking events to exchange ideas with fellow entrepreneurs

These resources are invaluable to first-time business owners throughout the early stages of planning, launching and operating an Oregon LLC.

Conclusion

Forming an Oregon LLC provides entrepreneurs key advantages like personal liability protection, pass-through taxation, flexible management options and minimal annual compliance rules. By following the six steps covered above and leveraging available state-sponsored support, your LLC is primed for success.

The time-consuming paperwork and legal complexities involved mean working with a dedicated LLC formation service can optimize efficiency. But whether you DIY or hire a pro, starting an Oregon LLC is now an attainable goal to turn your big ideas into reality.

Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution. Likewise, Meow Technologies is not an investment adviser and none of the information presented herein should be relied upon as financial advice or a recommendation to make any financial decision nor should it be considered to be tax or legal advice. The information is the opinion of Meow Technologies for educational purposes and may not be suitable for all companies. Products, like the one described herein, are offered through Meow Technologies and are not advisory services which are only offered through Meow Advisory, LLC.** The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured bank.**

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**Disclaimer: Meow Technologies is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.

Meow currently partners with three banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC, Grasshopper Bank, N.A; Member FDIC, and FirstBank, a Tennessee corporation; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A, you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of Grasshopper Bank, N.A, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheets for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB. If you also hold funds in a sweep program with Third Coast Bank SSB, Third Coast Bank SSB sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit Third Coast Bank SSB for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Third Coast Bank or you). The current maximum deposit insurance amount for your funds is up to $50 Million in FDIC insurance through the sweep network of Third Coast Bank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and conditions and refer to the applicable rate sheet for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by FirstBank, a Tennessee corporation, you deposit your funds into a deposit account at FirstBank, which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. Visit IntraFi for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of FirstBank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheet for additional information.

***FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.com.

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