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: A Limited Liability Company (LLC) is a business structure that offers the limited liability protection of a corporation and the flexibility of a partnership.

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 fees.

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

Q: Do I need an attorney to form an LLC?
A: No, you do not need an attorney to form an LLC in Oregon. You can file the necessary paperwork yourself or hire a business formation service.

Q: Can one person form an LLC?
A: Yes, one person can form an LLC. It is known as a single-member LLC.

Q: What is the annual report requirement for an LLC in Oregon?
A: LLCs in Oregon are required to file an Annual Report with the Oregon Secretary of State, which includes a small fee.

Q: Can an LLC be taxed as an S Corporation?
A: Yes, an LLC can elect to be taxed as an S Corporation by filing Form 2553 with the IRS.

Q: Can a foreign entity form an LLC in Oregon?
A: Yes, a foreign entity can form an LLC in Oregon by filing an Application for Authority with the Oregon Secretary of State.

Q: What is the difference between an LLC and a corporation?
A: The main differences between an LLC and a corporation are in the ownership structure, management flexibility, and taxation.

Q: Can an LLC have more than one owner?
A: Yes, an LLC can have multiple owners, known as members.