Are you a business owner looking for answers on how to close a business in Oregon? This article will provide step-by-step instructions on how to properly close a business in the state of Oregon. We will walk you through the steps of using the Oregon Department of Revenue library to locate the “Business Change in Status Form,” settling assets, filing closure with the Secretary of State, and dissolving the business. We’ll also provide you with tips on establishing a valuation of your business and compiling a full account of debts.

How to Close a Business in Oregon?

Closing a business in Oregon can be a complex process. It’s important to understand the legal requirements for closing a business in the state of Oregon, as well as the financial implications of closing a business. The steps for closing a business in Oregon include:

  • Use the Oregon Department of Revenue library to locate the “Business Change in Status Form.” Type the name of the form in the search box and scroll down to find it. This form will help you change the status of your business.
  • File Closure With the Secretary of State. Find your business type on the Business Registration Forms page and submit the necessary paperwork to the Secretary of State.
  • Settle Assets. If a business is permanently closing, it is important to pay off all debts and settle any assets before the business is dissolved.
  • Dissolve Your LLC or Corporation. To dissolve an LLC in Oregon, you must provide the completed Articles of Amendment/Dissolution – Limited Liability Company form to the Oregon Secretary of State. To dissolve a corporation in Oregon, you must provide the completed Articles of Dissolution – Business/Professional form to the Oregon Secretary of State.
  • File Articles of Dissolution With the Oregon Secretary of State. After taking the necessary action to dissolve your LLC, you must file articles of dissolution with the Oregon Secretary of State (“SOS”).
  • Establish a Valuation of Your Oregon Business. This will help you understand the financial implications of closing your business.
  • Compile a Full Account of Your Oregon Business’s Debts. This will help you determine which debts need to be settled before the business is dissolved.
  • Identify Oregon’s Official Dissolution Document. This document must be submitted to the Oregon Secretary of State in order to dissolve the business.
  • Follow Oregon Law. Make sure to comply with all of Oregon’s laws and regulations when closing your business.

Closing a business in Oregon can be a complicated process, but with the right information and guidance, you can successfully close your business. For more information on selling a business and finding a business broker, visit Atlantabusinesses.com, a great resource for answers to all your questions about selling a business and about business brokers.

What are the steps for shutting down a small business in Oregon?

1. Submit the appropriate documents to the Secretary of State to finalize the closure of your business. Look up the type of business you have on the Business Registration Forms page.
2. If the business is being shut down permanently, the assets must be liquidated and reported as taxable income.
3. Make sure any licenses obtained for the business are terminated.
4. Ensure all taxes are paid.

What steps do I need to take to shut down a LLC in Oregon?

In Oregon, you can dissolve your LLC by submitting the Articles of Amendment/Dissolution – Limited Liability Company form to the Oregon Secretary of State Corporation Division. You can send it via mail, in person, or by fax with a Fax Cover Sheet. Original signature is not necessary.

How should a business be shut down correctly?

1. Submit your last paperwork and associated documents.
2. Address the needs of your staff.
3. Pay any taxes due.
4. Notify any freelancers who worked for you.
5. Terminate your Employer Identification Number and close your Internal Revenue Service business account.
6. Store all records.

What steps do I need to take to shut down my business at the end of the year?

It is necessary to contact the IRS to close a business. This can be done by sending a letter to the agency, which should include the legal name of the business, its Employer Identification Number (EIN)/Tax ID number, and the business address.