Starting an LLC in Oregon is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Oregon: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Oregon. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Oregon will require from you:
- Description of the business activities
- Email address for your business
- Daytime phone number
- Physical office address
- Name and address of the registered agent
- Name and address for each member or manager for the LLC
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report, your gut might tell you to head to the Secretary of State’s website. And that’s a good instinct. The Secretary of State handles a lot of business filings, annual filings included.
More specifically, you’ll want to head to the Oregon Business Registry page. There, you can log in, fill out the required information, and submit it. But if you’d rather file by mail, you can. Forty-five days before your report is due, the state will send a physical copy of the report to your registered agent. Then you can fill it out and mail it back. If you go that route, be sure to allow plenty of time for mailing delays (you can’t blame the postal system for a late report).
The annual report isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire an Oregon LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Oregon’s Annual Report cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. In Oregon, the annual report fee depends on what kind of LLC you are. If you’re domestic (based in Oregon), you’ll pay just $100. Foreign LLCs, however, will pay $275 each year. No matter which price you pay, it’s an expense you’ll have every year. So be sure to include it in your annual budget.
How you file the report will also affect how you pay the fee. Online filing requires you to have a credit or debit card on hand while you file; you’ll pay as the last step of filing. But if you file by mail, you should include a check or money order in your envelope with the report.
When is the Annual Report due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Oregon, the annual report fits its name; you’ll file every year.
More specifically, every LLC will need to file its annual report on or before its anniversary date. That’s the day you filed your Articles of Organization. So if you formed your LLC on May 12th of 2022, then you’d need to file it no later than May 12th in 2023.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
More importantly, though, failing to file your annual report can cost you your standing in the state. More specifically, if you leave your report unfiled for 45 days or longer, then the state will administratively dissolve your LLC. Long story short, they’ll revoke your right to do business in the state.
If that happens, don’t panic. You can get reinstated by filing an application for reinstatement. There’s a $100 fee for it, too. The process is a bit of a hassle, and it’s easily avoided by simply filing your report on time each year.
Maintaining an Oregon LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.