Limited Liability Company (LLC) Questionnaire - Oregon

Limited Liability Company (LLC) Questionnaire is a legal document that was released by the Oregon Liquor and Cannabis Commission - a government authority operating within Oregon.

FAQ

Q: What is a Limited Liability Company (LLC)?A: An LLC is a legal business entity that combines the limited liability protection of a corporation with the flexibility and tax advantages of a partnership or sole proprietorship.

Q: How do I form an LLC in Oregon?A: To form an LLC in Oregon, you need to file Articles of Organization with the Oregon Secretary of State and pay the required filing fee.

Q: What are the advantages of forming an LLC?A: Some advantages of forming an LLC include limited liability protection for the owners, pass-through taxation, and flexibility in management and ownership structure.

Q: Who can form an LLC in Oregon?A: Anyone who is 18 years or older, including individuals, corporations, and other LLCs, can form an LLC in Oregon.

Q: What is the cost to form an LLC in Oregon?A: As of 2021, the filing fee to form an LLC in Oregon is $100.

Q: Are there any ongoing requirements for LLCs in Oregon?A: Yes, LLCs in Oregon are required to file an Annual Report and pay the associated fee each year to maintain their active status.

Q: Can an LLC have a single owner?A: Yes, an LLC can be owned and managed by a single individual, known as a single-member LLC.

Q: Is an LLC the only option for forming a business in Oregon?A: No, there are other business entity options available in Oregon, such as sole proprietorships, partnerships, and corporations.

Q: Can an LLC be formed for non-profit purposes?A: No, an LLC is generally not suitable for non-profit organizations. Non-profit organizations typically choose to form as a nonprofit corporation or obtain tax-exempt status from the IRS.