Oregon Corporation - Incorporate in Oregon

Why form an Oregon Corporation?

The most crucial part of running any business today is protecting your personal assets from liability.  By forming an Oregon Corporation, you're doing just that.  The simple formation of the corporation creates a separate entity away from the individual.  This means that any share holder, owner or officer is not liable for the debts and obligations of the corporation.  Your personal assets are therefore protected.  Many people who run sole proprietorships will incorporate for just this reason.  When you hire Incorporate Fast to do the filing for you, you know that the entity will be filed correctly and in a timely manner.

Other notable advantages of forming a corporation:

  • The corporation is perpetual, meaning the corporation can out live the owners of the company;
  • The corporation does provide the same liability protection as an LLC.
  • Ownership can be easily transferred to that of another individual as long it meets appropriate laws.
  • Also, the corporation may be beneficial in certain tax issues, consult your CPA on how to save on taxes.

Guidelines to name your corporation

A corporate name shall contain one of the words “Corporation,” “Incorporated,” “Company” or “Limited” or an abbreviation of one of those words. A corporate name shall not contain the word “cooperative.” A corporate name shall be distinguishable upon the records of the office from any other corporate name or any other business entity. Names that sound the same, as long as they have different meanings are ok. ”Banned, Inc” and “Band, Inc” would not conflict, even though they sound the same, they are not similar in meaning. Other things to keep in mind is that the Secretary of State will ignore the use of articles (the, an, and), the use of spaces, capitalization, and special characters.

What is required to maintain Corporate Status?

For corporations to maintain its status as a corporation.  Each and every legal entity must submit annual reports.  Approximately 45 days before the renewal anniversary of every corporation, the Secretary of State will send out an annual report payment coupon.  This report must be delivered to the Corporations Division.  Failure to submit these documents will result in your corporation being administratively dissolved. 

Also, each corporation must maintain annual share holder meetings.  These meetings must be recorded with meeting minutes.  This is a requirement of the corporation.  Also each corporation must have on file the corporate by-laws. 

What is a subchapter S Corporation?

The S Corp designation creates a similar tax structure to that of an LLC.  The LLC and an S Corp share what's known as "pass through" taxation, meaning that all profits are reported as income on the individual level. You elect S corporation status for federal tax purposes by filing Form 2553, Election by a Small Business Corporation. There are certain requirements that a corporation must meet in order to maintain S Corp status.

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