You may be familiar with the term “BIN number” if you own a business in Oregon. The Oregon Department of Revenue issues businesses operating in the state a BIN, or business identification number, which is a distinctive number. Everything you need to know about obtaining a BIN number in Oregon will be covered in this post.
The registry number and the Oregon BIN number are not the same. The Oregon Secretary of State issues firms that register with the state with a registry number that serves as a special identification. The Oregon Department of Revenue, on the other hand, assigns the BIN number to identify firms for taxation purposes. Although both numbers are crucial for companies doing business in Oregon, they have different uses and are given by other state organizations. In Oregon, do you require a BIN?
Yes, a BIN number is required if you conduct business in Oregon. When you file taxes, pay taxes, apply for licenses and permits, and identify your business for tax purposes, you must have a BIN number. Your company can be subject to fines and penalties for breaking state tax regulations if it doesn’t have a BIN number. How can I obtain a BIN number? You must register your firm with the Oregon Department of Revenue in order to receive a BIN number there. Your business can be registered online, via mail, or in person. Create an account on the Oregon Business Registry website, then fill out the registration form to register online. A $50 registration fee and a $50 BIN application charge total $100 when registering a business in Oregon.
You can download the Business Registry Application form from the Oregon Secretary of State website, fill it out, and mail or bring it to the Salem, Oregon, Business Registry office if you’d rather register by mail or in person. An application for a BIN number typically takes 3-5 business days to process.
A $50 registration fee and a $50 BIN application charge total $100 when registering a business in Oregon. All businesses operating in Oregon, including sole proprietorships, partnerships, LLCs, and corporations, are required to pay this charge. While the BIN application price must be paid each time a new BIN number is requested, the registration fee is a one-time charge.
In conclusion, acquiring a BIN number is a crucial step for companies doing business in Oregon. When you file taxes, pay taxes, apply for licenses and permits, and use it to identify your business, it is necessary for tax purposes. The procedures in this post make it simple to register your business and get a BIN number in Oregon.