If you're considering starting a small business in the state of Oregon, forming an S-corp could be an attractive option. An S-corp offers several benefits to entrepreneurs, such as limited liability protection and pass-through taxation. In this guide, we'll walk you through the steps to form an S-corp in Oregon.
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Step 1: Choose a Name
The first step to starting an S-corp in Oregon is choosing a name for your business. When picking a name, make sure it's available for use in Oregon and isn't already registered by another business. You can search for available business names at Oregon's Secretary of State's website.
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Step 2: File Articles of Incorporation
Next, you'll need to file articles of incorporation with the Oregon Secretary of State's office. This document specifies the name of your business, the purpose of the business, the number of authorized shares, and the name and address of the registered agent.
Step 3: Appoint a Registered Agent
As an S-corp in Oregon, you're required to have a registered agent to accept legal documents and notices on behalf of your business. The registered agent must have a physical address in the state of Oregon and be available during regular business hours.
Step 4: Obtain an Oregon Business License
All businesses operating in Oregon must register for and obtain an Oregon Business License. The license costs $50 per year and can be obtained through the Oregon Secretary of State's website.
Step 5: Obtain an Employer Identification Number (EIN)
An Employer Identification Number (EIN) is a unique identifier assigned by the IRS that your business will use for tax purposes. As an S-corp, you'll need an EIN to file taxes. You can obtain an EIN for free online through the IRS website.
Step 6: Prepare and File Form 2553
To operate as an S-corp, you must file Form 2553 with the IRS. This form elects your corporation to be taxed as an S-corp. This election must be filed no more than two months and 15 days after the beginning of your corporation's tax year.
Step 7: Apply for an Oregon Business Identification Number
Once you've obtained an EIN and filed Form 2553, you'll need to apply for an Oregon Business Identification Number. This number is assigned by Oregon's Department of Revenue and is used to identify your business when filing taxes.
Step 8: Adopt Bylaws
Bylaws outline the day-to-day operations of your business, including information on how meetings will be conducted, how the board of directors will be structured, and how the corporation will be managed. Your bylaws must be adopted and signed by your corporation's directors.
Step 9: Hold an Organizational Meeting
Once your corporation is formed, you should hold an organizational meeting with your board of directors. During this meeting, you'll discuss topics such as creating bank accounts and establishing accounting procedures.
Conclusion
Starting an S-corp in Oregon requires several steps, but the rewards can be significant. With limited liability protection and pass-through taxation, an S-corp can help ensure your business's long-term success. Follow the steps outlined in this guide, and you'll be well on your way to forming a successful S-corp in Oregon.
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