Filing an Oregon Corporation
Many new business owners elect to register an Oregon Corporation because of the benefits it offers. Doing so provides instant credibility to customers and clients. It also offers numerous tax benefits to owners. However, the process of forming an Oregon Corporation can be complicated. Owners should be diligent during the filing process to ensure they complete every step correctly.
Steps To Filing an Corporation
Choose A Name
The first thing that new owners must do is choose a name. The state of Oregon requires companies to include an indicator in their name. In this case, owners will want to select something such as, “Corporation,” “Incorporated,” “Company,” or “Limited.” An appropriate abbreviation, such as “Inc.,” would also suffice. Furthermore, Oregon does not allow two Corporations to share the same name. To ensure that the name they’ve chosen is unique, owners should utilize the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After selecting a name, new owners must choose a registered agent to serve on behalf of the company. The registered agent is responsible for accepting all legal correspondence. Many owners don’t realize how critical a registered agent can be to their success. Owners would be wise to consider hiring a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
Once prospective owners have chosen a name and registered agent, they can proceed to file the Articles of Incorporation with the Corporations Division of the Secretary of State’s office. There is a $100 fee to do so. Information that owners must provide on this form includes:
- Whether the Corporation is a business or professional entity
- Registry number
- The name of the Corporation
- Principal office
- Name and address of the registered agent
- Address where the Division may mail notices
- Number of shares
- Services being rendered, if a Professional Corporation
- Optional provisions
- Names and addresses of incorporators
- Names and addresses of individuals with direct knowledge of the company
- Signatures of incorporators
File Initial Report
The state of Oregon does not require companies to submit Initial Report.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, the Oregon Corporation will want to hold an initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once in place, the board can define the roles of and elect officers, as well as draft corporate bylaws. Bylaws are a private document that serve as an internal operating manual. They are a matter of corporate compliance, as the Oregon Corporation cannot exist or transact business until the board of directors has adopted them. Additionally, many insurers and banks require proof of bylaws before working with a Corporation.
While at the initial corporate meeting, the Oregon Corporation should also issue stock. Stock can only be released with approval from the board of directors, who have the authority to do so throughout the life cycle of the company. The amount of stock that they can issue is predefined in the Articles of Incorporation. When issuing stock, they should also maintain a detailed ledger. This will protect the corporate veil and provide transparency to future investors.
Obtain Employer Identification Number
The Oregon Corporation will also need to secure an Employer Identification Numbers from the IRS. This will allow them to file taxes, hire new employees, and open a business banking account.
File Oregon Required Annual Reports
The Corporation will also need to file an Annual Report by their registration anniversary day each year. Officers can begin submitting 45 days before the deadline. So, if the company was incorporated on June 15, 2017, the first Annual Report is due on June 15, 2018. Officers can begin filing on May 1, 2018. There is a $100 fee to register this form. You can learn more at our Oregon Annual Report page.
Officers will also need to file state and federal taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we understand how overwhelming it can be for new business owners trying to form and run an Oregon Corporation. That’s why we offer comprehensive services, including:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Oregon’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
By handling your administrative needs, we allow you to focus on growing your business. Contact us today to learn more about how we can help.