Delaware "association", "company", "corporation", "club", "foundation", "fund", "incorporated", "institute", "society", "union", "syndicate", or "limited", (or abbreviations thereof, with or without punctuation), or words (or abbreviations thereof, with or without punctuation) of like import of foreign countries or jurisdictions (provided they are written in Roman characters or letters) Title 8, § 102, Delaware Code
Oregon For private corporations it shall contain one or more of the words "corporation", "incorporated", "company" or "limited" or an abbreviation of one or more of those words; shall not contain the word "cooperative." For non-profit corporations there is no specific requirement except the name cannot imply a purpose not dictated in its articles of incorporation and cannot contain the word "cooperative" or the phrase "limited partnership." Oregon Revised Statutes 60.094 for Private Corporations; ORS 65.094 for Non-Profit corporations
For federal tax purposes, the Internal Revenue Service has separate entity classification rules. Under the tax rules, an entity may be classified as a corporation, a partnership, a cooperative or a disregarded entity. A corporation may be taxed as either a C corporation or elect to be treated as a Subchapter S corporation. A disregarded entity has one owner (or a married couple as owner) that is not recognized for tax purposes as an entity separate from its owner. Types of disregarded entities include single-member LLCs; qualified sub-chapter S subsidiaries and qualified real estate investment trust subsidiaries. A disregarded entity's transparent tax status does not affect its status under state law. For example, for federal tax purposes, a sole-member LLC (SMLLC) is disregarded, so that all its assets and liabilities are treated as owned by its single member. But under state law, an SMLLC can contract in its own name and its owner is generally not personally liable for the debts and obligations of the entity. To be recognized as a Cooperative for tax purposes Cooperatives must follow certain rules under Sub Chapter T of the Internal Revenue Code.
If you are foreign qualifying your business or wish to keep your contact information private, it may be wise to hire a professional Registered Agent service such as Swyft Filings. Our professional Registered Agent service ensures that your legal requirements will be fulfilled and that all communications will be relayed to your company in a timely manner.
Since limited liability companies can be a pass-through entity, owners are taxed on their personal income. S-Corp shareholders are taxed personally. The S-Corp, however, is not. C-Corp income is taxed at the corporate level first, then again at the personal level. This is called "double taxation." Non-Profits are only taxed once and can write off most of their expenses. Sole Proprietors are taxed only on their personal tax return.
All states require potential LLC owners to file a substantial set of documents, typically called the Articles of Organization, in order to establish their business. We can take care of this process for you, saving you time, effort, and allowing you to focus on developing your business – not filing paperwork. Lean on our expertise to ensure all paperwork is filed correctly the first time.
Filing a limited liability company separates your personal assets from those of your business. This prevents you from being financially responsible for debts and liabilities of your business. Even though members are still liable, that liability is limited to the extent of their investments in the business. If, for instance, your company is involved in a lawsuit, the assets of the LLC itself could be in jeopardy, while the personal assets of the members/owners would be protected.
Outside of the normal statement filing season, you may fill out a Statement of Change form with the date you went out of business, the status and disposition of any equipment owned or used by you at the time the business closed. If any of the property was sold to another person or business, please indicate the buyer's name and address. Make sure to identify any property that reverted to your own personal use as household personal property.