The formal name of a company that is registered with the state is known as its business name. It is the formal name of the business that is used on all legal papers, such as contracts and tax returns. The business name you select will be the name that is listed on the Articles of Organization, for instance, if you register your company as an LLC in Oregon.
A trading name, on the other hand, is a name that a company uses to conduct business and may differ from its legal name. The term “doing business as” (DBA) is also used to describe this. For instance, if you want to sell your goods under the name “Smith’s Clothing,” even though your company’s legal name is “Smith Enterprises LLC,” “Smith’s Clothing” would be your trading name.
The procedure for incorporating a firm in Oregon is reasonably simple. The Oregon Secretary of State accepts articles of organization submitted by mail or online. The Oregon Secretary of State must receive $100 as a filing fee for an LLC.
You must submit a Foreign Registration Statement to the Oregon Secretary of State if you want to register your out-of-state company in Oregon. By doing this, you will be able to conduct business elsewhere while maintaining your registration in your home state. In Oregon, a foreign LLC must pay a $275 filing cost.
The $100 filing fee and any additional expenses for expedited processing or other services are all part of the price of forming an LLC in Oregon. Additionally, there can be costs involved with acquiring any licenses or permits that are required for your firm.
An annual report must be submitted to the Oregon Secretary of State in order to renew an LLC there. The annual report has a $100 filing cost and needs to be submitted by the anniversary of your LLC’s creation. If the annual report is not submitted on time, your LLC risk fines or dissolution.
In conclusion, it is critical to know the distinction between a business name and a trading name when starting a business. It’s crucial to follow the correct steps and pay the required fees when incorporating your firm in Oregon to make sure that it complies with state laws.
A sort of legal entity that can be used as a company structure is an LLC (Limited Liability Company). It is not regarded as a company name or a trading name. A business may operate under a trading name or a business name, which is the name that is legally registered with the appropriate government agency. Although it is not essential, an LLC may decide to use a trading name.