How To Start A Business In Oregon – Have a great business idea, but not sure how to get from the idea stage to owning and running your own business in Oregon? You’ve come to the right place! There are many important aspects to running a corporation, and like any other state, Oregon has its own laws and regulations to consider.
In this guide to starting a business in Oregon, we will discuss all the information related to owning a business in this state. By the time you finish reading, we think you will have a strong understanding of the necessary steps involved.
How To Start A Business In Oregon
The first step in setting up any business in the state is to plan the products and services you will sell, set your operating budget, and determine how you want to market your company.
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When you are creating your business plan you will need to do market research. The market research you do will help you determine your marketing and sales strategy. It will help you identify your target audience, current demand for your product or service, market size, location, and price. It is important to do this before or in conjunction with your business plan, because you need to make sure you have a vision and a foundation for your business. You will often use your business plan to try and get investors or loans, so you want to make sure that your market research and business plan are complete.
Your business plan doesn’t have to be perfect, you should make sure you spend enough time looking at these important points before you start your business. To get started, SBA.gov has a great free tool that can navigate you through writing a business plan.
Your business name is very important because it is often the first impression you make on your customers. It will also determine the direction of your brand.
Before choosing a name you need to make sure it is still available. In Oregon, you can create a business name to make sure your desired business name is still available by using the Secretary of State’s website. If the name you want is available, but you are not ready to submit the registration form, you can reserve a business name using this form. Domain registration costs $100 and lasts for 120 days.
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If you plan to create a website for your business (we discuss this in step 6) you may also want to make sure that the domain name you want is available. Even if you don’t plan on creating your own website right away, it might be a good idea to go ahead and buy it so that no one else can take it.
Depending on whether you choose to form a corporation or a limited liability company, there are certain legal requirements (for example, an LLC must include “LLC” or “limited liability company” in its business name, and a corporation must include “incorporated,” “company,” “Inc,” or “Corp.”).
Beyond the basics, you need to focus on knowing exactly what your company is doing in the name of business. You can also consider incorporating your values into the business name, such as using the word “green” to denote an environmentally friendly environment.
Finally, choose a name that you like personally and enjoy, and one that sounds good when spoken aloud and looks good on the page.
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One big piece of advice we have for naming a business is that you shouldn’t focus too much on one idea until you’ve established your company or saved a name.
An Oregon registrar is a person or service responsible for receiving and mailing government documents. If you plan to operate your business as a sole proprietorship or general partnership you can skip this step and step #4.
According to the Oregon Secretary of State, “a registered agent is an individual or business entity located at a street address in Oregon whose duty it is to accept legal documents (service of process, judgments, liens, call, etc.) on behalf of the business. The Agency may not identify itself as its registered agent, a business individual or registrant with a physical address in Oregon may agree to act as a registered agent.
Most Oregon corporations list the director, owner or employee with a business address for registered employees and their office. Often a business attorney or accountant will act as the registered agent. Another business entity may act as your registered agent, or you may contract with a service provider to provide the authorized service. An individual or a named business must have consented to become a registered agent. ”
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This position is important for any Oregon business because without a registered agent, you could lose good standing with the state, have your business liquidated by the state, or remain unaware of a lawsuit against your company.
Since many businesses designate the owner or other member of the LLC as the registered agent, it is usually not necessary to hire an Oregon legal entity. You can learn more about the laws governing registered workers in this state here.
Guru tip: We recommend ordering online services to meet these requirements. This eliminates junk mail and keeps your mailing address and/or business address on a public list. ZenBusiness and Incfile both offer free subscription services when you use them to run an online business.
It’s important to choose a business model that works best for you and your business goals. Many entrepreneurs choose to form a Limited Liability Company (LLC) or Corporation. Setting up either an LLC or a Corporation creates a completely separate entity for you and provides protection.
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If you are a sole trader or a general partnership, you don’t need this step (or many of the others in this guide, including choosing a registered agent), because those types of business don’t require any formalities. process.
An LLC is the most common method, in part because it’s so simple. There is not a lot of paper involved, and the maintenance requirements are basically the same as the annual report.
An LLC is a combination of the simplicity that comes with managing a general partnership and the protections afforded to corporations. An LLC is easy to start, you will need to register your company with the Oregon Secretary of State. You will fill out an application form that requires you to provide general information, such as your business name, registered agent, and management style. You will need to pay a fee and set up a working contract.
If you are considering forming an Oregon LLC we have a complete guide to walk you through the process of forming your LLC and what needs to be done after the LLC is formed. Additionally, LLC owners still have the protection of personal property that makes a corporation a popular type of business.
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For some entrepreneurs, a company is the best choice. There are many efforts involved in establishing one and maintaining it with the state of Oregon. To set up an Oregon corporation you must file your incorporation documents with the Oregon Secretary of State, which requires general business information but you must also provide information about authorized shares.
In addition to registering your business you also need to create bylaws, set up a board of directors, and hold annual meetings. Corporations are usually the best option for larger businesses because they offer more growth and investment than LLCs in general. If you are thinking of setting up an Oregon company we have a complete guide to guide you through the process of setting up your company.
If you want to learn more, see “LLC vs. Corporation: What’s the Difference?” subject No matter what type of business you choose to set up, you can find all the relevant paperwork on the Oregon Secretary of State’s website or have a business incorporation website do it for you.
Most businesses operating in Oregon will need an Employer Identification Number (EIN). It’s free to access and recommended for many different aspects of your business.
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You will be the responsible party of the company who must register for an EIN. A controlling party is “a person who ultimately owns or controls or has effective control over an entity.” It must be personal and cannot be anything else.
An EIN is required if your business is required to pay state taxes. The EIN number can be used for your business licenses and permits issued through the Oregon Department of Revenue and determines whether you pay the same Oregon state or city taxes.
You’ll also need an EIN if you plan to hire employees, open a business bank account, or use personal 401(k) retirement benefits. It’s also a good idea to get an EIN for specific transactions, so you don’t always have to fill out forms using your Social Security number.
Getting an EIN takes 5 minutes. You just have to visit
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