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What is an LLC in Oregon?

A limited liability company (LLC) offers liability protection and tax advantages, among other benefits for small businesses. LLC formation in Oregon is easy.

Does Oregon allow single member LLC?

LLCs in Oregon must have at least one member. Oregon LLC members do not have to reside in the state, and there is also no age requirement for members. You do not have to name your LLC members in your Articles of Organization. You have the option of limiting the duration of your limited liability company.

Does a single member LLC need an operating agreement in Illinois?

There is no Illinois state law requiring an LLC to adopt an operating agreement. However, an operating agreement will help your LLC resolve disputes, open a bank account, and protect your limited liability status.

What is the difference between a single-member and multi-member LLC?

Single-member LLC Ownership A Single-member LLC has one owner (member) who has full control over the company. The LLC is its own legal entity, independent of its owner. Multi-member LLC Ownership A Multi-member LLC has two or more owners (members) that share control of the company.

How do I form a single member LLC in Illinois?

To form an LLC in Illinois, you must file Form LLC-5.5 or the Articles of Organization with the Secretary of States Department of Business Services. You could choose to have the formation be effective on the filing date or at a later time, as long as it does not exceed 60 days.

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