Entrepreneurs know that an LLC is one of the best ways to legalize a business. If you are a business owner and plan to form an LLC, you need to be aware that this is not free for all. It takes a few processes and fees you need to adhere to. Therefore, your effort, time, commitment, and money are required to start your own LLC.
LLC Formation
Filing fees differ depending on where your LLC is located. The cost is solely based on your state’s policies and guidelines. For example, the Oregon LLC cost is $100, and this is the most important fee you should take note of. However, there are other important fees you should know in filing an LLC in Oregon. Keep reading and save the information below regarding LLC formation fees before you start preparing.
Operating Agreement Fee for $40-$99
An operating agreement is recommended in running your LLC. It is a type of document that presents the management structure and ownership of your LLC. To ensure a legally binding document for your LLC, it is advisable to purchase a custom operating agreement from an online formation.
EIN Registration Fee for $60-$70
Your business needs a social security number, and you can have it at the IRS. Your Employer Identification Number is also essential if you have plans of adding employees to your business in the future. Moreover, if you don’t have time to process it on your own, you can opt to assign this task to your formation provider with a total fee of around $60-$70.
Licenses and Permits Research Services for $99
Your business definitely needs licenses and permits before you can operate. Your government won’t let you run your business without these essential documents. Likewise, your state will require federal, state, and local licenses and permits. If you’re a busy entrepreneur, you might not have time for paperwork and research to get these documents needed. Therefore, hiring a professional business license research service could be your savior. There are packages for this service that cost only $99.
Registered Agent Fee for $50-$125 per year
A registered agent is required for your LLC’s operation. Your agent can either be an individual or a company. A registered agent is the government’s point of contact to you and your business if there are legal documents, notices, and reminders needed to be apprehended.
Although the state does not prohibit you from being your own registered agent, designating a professional registered agent is a wise choice, especially if you are not always available. Some companies offer free first year of service and a charge of $125 for the succeeding years.
Annual Report for Maintenance
Filing your LLC and paying for the aforementioned fees does not stop there. You still need to pay $100 every year for the annual report. You can file it at the Oregon Secretary of State Corporation Division. Failure to file a yearly report for 45 days can lead to the dissolution of the entity.
Now that you’ve got the lists of essential fees when filing an LLC, you can start your journey as an entrepreneur as early as today!
