Closing an LLC in Oregon can be a complex process with many steps. This article is here to help you understand the steps you need to take in order to close your LLC in Oregon. We will cover the filing requirements, the procedure for dissolving an LLC, and provide some key tips to make the process smoother.

How to Close an LLC in Oregon?

Dissolving your Oregon LLC is often just one of the steps you will need to take when closing out your business. To dissolve or terminate your LLC in Oregon, you must provide the completed Articles of Amendment/Dissolution – Limited Liability Company form to the Oregon Secretary of State. This form requires the name of your LLC, the date of dissolution, and one or more authorized signatures.

To complete the articles of dissolution, you must also follow the steps outlined in your Oregon LLC operating agreement. This usually includes holding a vote with LLC members to dissolve the LLC, and recording the dissolution vote in the LLC’s records.

Tips for Closing Your LLC in Oregon

When closing an LLC in Oregon, there are a few key things to consider:

  • Notify the IRS and Oregon Department of Revenue: You must inform the IRS, Oregon Department of Revenue, and other relevant agencies that your LLC is being dissolved. Otherwise, you could be subject to fines and penalties.
  • Cancel any licenses and permits: Make sure to cancel any licenses, permits, and business registrations associated with your LLC. This includes registering with the Oregon Secretary of State to dissolve the LLC.
  • Pay any outstanding debts: Before you can close your LLC, you must pay any outstanding debts. This includes taxes, payroll, vendor payments, and other debts owed by the LLC.
  • Distribute assets to LLC members: Lastly, you must distribute any remaining assets to the LLC members. This includes any remaining cash, equipment, real estate, and other assets.

Closing a business can be emotional, but it doesn’t have to be difficult. With a little planning and preparation, you can successfully close your LLC in Oregon. For more information on selling a business and finding a business broker, visit Atlantabusinesses.com.

What are the steps to dissolve a LLC in Oregon?

In order to close your LLC in Oregon, you need to submit the Articles of Amendment/Dissolution – Limited Liability Company form to the Oregon Secretary of State Corporation Division. You may do this by mail, in person or by fax with a Fax Cover Sheet. It is not necessary to have your original signature.

What is the procedure for shutting down my business with the Oregon Secretary of State?

1. File a termination request with the Secretary of State. Look up your business category on the Business Registration Forms page.
2. Distribute the assets. If the business is ceasing operations, the assets need to be sold off and reported as taxable income for the company.
3. End any licenses.
4. File taxes.

What is the phrase used to describe the process of shutting down an LLC?

LLC Dissolution is sometimes referred to as Articles of Dissolution or a Petition for Dissolution.

Does an LLC in Oregon need to submit an annual report?

In Oregon, all corporations, LLCs, nonprofits, LPs, and LLPs must turn in an Annual Report to the Secretary of State, Corporation Division annually.