You did it. Your Oregon LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.
In Oregon, an LLC’s annual report consists of two parts: a Franchise Tax and a Public Information Report. Each LLC must submit these filings to the Oregon Comptroller every year to keep their information current. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.
For brevity’s sake, we’ll refer to these two combined filings as the “Annual Report” in this guide.
What is the Oregon Annual Report? Why is it Important?
Consider an Annual Report the state’s yearly checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each Oregon business.
Each state has its own annual reporting requirements, and some don’t even require them. But in most states, you’re required to submit one per year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting an Annual Report.
Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.
For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in Oregon might end up falling out of good standing or, even worse, administratively dissolved.
Moreover, keeping your information current will help other businesses and potential customers find you. Anyone – including future partners, clients, etc. – can find your business information by performing a name search, so it’s in your best interest to consistently update it!
How Much Does the Oregon LLC Annual Report Fee Cost?
If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include annual filings like this one, just so that there are no surprises.
Costs vary from state to state. Some are free while others can be several hundred dollars. In Oregon, the Annual Report fee is $100 for domestic LLCs and $275 for foreign ones. Remember that this isn’t a one-time fee. You’ll be paying it every year, so make sure you plan it into your budget.
Due Date and Frequency for an Annual Report in Oregon
To keep your LLC in good standing with the state, you will need to file an Annual Report once per year before its anniversary date (the date that you initially formed your business) If your Articles of Organization was approved on June 19th, then you’ll need to file your Annual Report by June 19 every subsequent year.
What Happens if You Don’t File?
You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your Annual Report can yield some serious consequences.
Life happens, and maybe you just forget about your Annual Report due date. Don’t worry, there aren’t any late fees. But don’t let that ease you into thinking you’ve got plenty of time to file. If you haven’t submitted your Annual Report within 45 days of your deadline, the state will administratively dissolve your LLC. At this point, you’ll lose the authority to do business in the state until you file for reinstatement and pay the $100 fee.
Due date – check. Fees – check. Penalties – check. Now that we’ve covered the general information, it’s time to examine the details. Here’s the information that Oregon’s Annual Report form requires:
- Oregon registry number (you can find this on your approved Articles of Organization or by using the Business Registry Database)
- Business activity description
- Business email address
- Mailing address (you CAN use a P.O. box)
- Daytime contact phone number
- Physical office address (P.O. boxes not allowed)
- Registered agent name and address
- Name and address of each member or manager
If you’ve filed an Annual Report before, your current information will be pre-populated in the online form and you can simply update anything that has changed. Either way, you should be able to fly through the form, no problem.
You’re welcome to file your Annual Reports either online or by mail. However, the Secretary of State prefers online submissions.
Online Filing: Here’s how you can complete the electronic submission process:
- On the Secretary of State’s Businesses page, click “Renew Existing Business (Annual Reporting”
- Enter a contact email address and your LLC’s Oregon Registry Number
- Click “Retrieve Renewal Detail” and update or enter the necessary business information on the subsequent pages.
- Enter your payment information and submit your report
The Secretary of State’s office keeps a running table of e-filing processing times on their homepage. Although, typically Annual Reports are processed right away.
Filing By Mail: 45 days before your LLC’s anniversary date, the state will send an Annual Report reminder to your business mailing address or registered agent’s office. This reminder includes a paper copy of the Annual Report, which you can complete and return to:
Secretary of State
255 Capitol St. NE, Suite 151
Salem, OR 97310-1327
Does the State Send Reminders?
Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.
As we mentioned in the previous section, the Secretary of State will help you remember your Annual Report by mailing a reminder to your business mailing address or registered office address 45 days before your due date. You may want to supplement this reminder by marking it on your calendar, writing it in your planner, or setting an alarm on your phone.
Can I Hire a Service to Handle it?
You probably have a full plate as it is, and the thought of adding one more responsibility to your to-do list might make you shudder. You’re not alone.
Plenty of other LLC owners have outsourced their reporting duties to LLC services. These companies will take the entire process off your hands, handling your Annual Report each year. If that piques your interest, we recommend ZenBusiness, which is an experienced and trustworthy LLC company.
But their services aren’t restricted to forming an LLC or managing Annual Reports. They can also help you form your business, draft an operating agreement, handle registered agent responsibilities, and much more, all for a reasonably low price.
If thinking about your LLC responsibilities ties your stomach in knots, let ZenBusiness take some of those worries off your plate.
There you have it, everything you need to know about Oregon’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.
And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.