You must first make sure that all taxes, fees, and debts have been paid and cleared before you start the procedure to dissolve your LLC in Oregon. Once you’ve done that, you can proceed as follows:
Step 2 is to submit Articles of Dissolution to the Secretary of State of Oregon. Online or mail-in filing is an option. If submitting online, go to the Business Registry page of the Oregon Secretary of State, log in, choose your LLC, and then click “File a Business Registry Filing.” Next, choose “Articles of Dissolution” and finish filling out the form. Download the Articles of Dissolution form from the Oregon Secretary of State website, fill it out, and mail it to the address specified on the form if you choose to file by mail.
Step 3: Inform creditors and other parties that the LLC has been dissolved. This can be accomplished by publishing a notice of dissolution in a newspaper with wide distribution in the county where the LLC’s principal place of business is located and mailing a notice of dissolution by certified mail to all known creditors.
Step 4: Disburse the revenues from the sale of the LLC’s assets to its members in accordance with their ownership stakes. Step 5: Submit your final tax returns to the Internal Revenue Service and the Oregon Department of Revenue.
You can mail Articles of Dissolution to the following address if you so choose: Secretary of State, Corporation Division, 255 Capitol Street NE, Suite 151, Salem, OR 97310
In most states, dissolving an LLC follows a similar procedure. To dissolve the LLC, you must first call a meeting of the members and get their approval. The state’s Secretary of State will then receive the Articles of Dissolution that you have to file. The assets of the LLC must then be liquidated after notifying creditors and other interested parties of the LLC’s dissolution. The state and federal governments must receive your final tax returns.
In Oregon, dissolving a nonprofit follows a similar procedure to doing so with an LLC. Before you may dissolve the organization, the board of directors must first hold a meeting and cast a vote. After that, you must submit Articles of Dissolution to the Charitable Activities Section of the Oregon Department of Justice. The nonprofit must then dissolve and disperse any residual assets to other nonprofit organizations after informing creditors and other interested parties. The Internal Revenue Service and the Oregon Department of Revenue must receive your final tax returns.
In conclusion, there are a number of procedures that must be followed in order to formally dissolve an LLC in Oregon. You can make sure that the procedure goes well and that you have complied with all legal criteria for dissolving your LLC in Oregon by following the instructions provided in this article.
An LLC must submit articles of dissolution with the Oregon Secretary of State’s office whenever the process of winding up its operations is complete and there are no outstanding debts or commitments. In other words, before submitting the Articles of Dissolution, the LLC must have satisfied all of its obligations and dispersed assets to its members.
No, termination, winding up, and dissolution are not synonymous. While winding up is the process of resolving the LLC’s affairs, including paying off debts, distributing assets, and meeting legal responsibilities, dissolution is the process of formally ending an LLC’s existence. The process’s last stage, termination, is when the LLC is formally disbanded and its legal existence is over.