Are you looking to start a new business in Oregon? Registering as a corporation may be one path to consider. A corporation is a legal entity that allows its owners to protect their personal assets while taking advantage of a favorable tax situation. In addition, a corporation can offer more credibility and marketability to your business name. In this article, we will describe the process of how to start a oregon corporation.
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Step-by-Step Instructions
1. Name Your Corporation
The first step in forming a corporation is choosing a unique name for your business. You can find out whether the name you want is available by searching on the Oregon Secretary of State website or by personally checking the Oregon Business Registrar.
Make sure that the name completely distinguishes your business from other publicly traded corporations or LLCs registered in Oregon. Also, ensure that the name represents accurately your business’s nature, field, products, and services.
2. File Oregon Articles of Incorporation
After chosen your corporation’s name, you must file OregonArticles of Incorporation (form SEL 501) to legalize it. You can choose to file this document by downloadable file, mail or online through Oregon Business Registry. To do so, you will need to follow four steps:
#Step 1: Corporation Information –
Provide the complete address and name of your Oregon corporation. Also mention other basic information such as the purpose of the corporation and number of shares that will be issued.
#Step 2: Corporation structure –
You’ll have to decide between two types of corporations:
- A stock corporation: Issues transferring limited ownership.
- A non-profit corporation: Primarily engaged in benefiting some areas and are usually tax exempt.
Additionally, you need to choose how many shares you’d like your corporation to authorize.
#Step 3: Incorporated Agent Information –
Your incorporated Agent must have a physical address in Oregon. This agent is responsible for receiving official notices for your corporation, like tax or legal notices.
#Step 4: Submit the Form –
Once you’ve completed all the information, submit the form through downloadable file, mail or online. There are different filing costs, ranging from $100 to $275.
3. Apply for an Oregon Business License
Most corporations require to have a general business license from DBS or any town/city in which they operate. Furthermore, many permit and industry-specific licenses might apply to their particular activities. Visit The Oregon Business Xpress to know specific licenses and to calculate your expected business costs register and apply online. Registering contains fees that vary based on the city/town that your corporation belongs.
4. Obtain Insurance
Getting appropriate business insurance is therefore crucial for corporations that want to protect their interests fully. Professional liability, general liability and workers’ compensation insurance provide much-needed protection against lawsuits, accidents, or disabilities. Choosing the appropriate policy depends on the perceived risks of your corporation, but it is advisable to consult an insurance agent who specializes in small business policies.
5. Formalize Corporate Bylaws
Oregon Corporate Bylaws are terms and regulations you’ll require determining for business governance and rule. Try hiring an attorney experienced in the laws governing corporations to help performing on drafting the bylaws compliant for resolving potential disputes between shareholders or a guide for the types of services/officers provided by the corporation.
By generating solid corporate bylaws information ensures consistent operations of your corporation and, at the same time, protects your fiduciary and personal interest.
Conclusion
In conclusion, following these simple steps to complete your corporation registration, your business is entirely functional in settings in the eyes of Oregon law, gaining significant benefits and built-in protections. These help secure your business operations, shareholder’s rights, income, and personal interest while contributing to local and state economic health.
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