How do businesses close a company properly with the state?

How to Properly Close a Business in Oregon

Closing a business in Oregon requires following specific operational steps to ensure compliance with state requirements and avoid ongoing obligations. Proper closure involves finalizing registrations, taxes, and recordkeeping.

Step 1: File the Appropriate Dissolution Documents

• Corporations and LLCs: File Articles of Dissolution with the Oregon Secretary of State. This officially ends your business entity's existence.
• DBAs and Sole Proprietorships: Cancel your trade name registration with the Oregon Secretary of State.

Step 2: Settle Tax Obligations

• Notify the Oregon Department of Revenue to close your business tax accounts.
• File final state tax returns, including income, payroll, and sales taxes.
• If you have employees, ensure final payroll tax filings and payments are completed.

Step 3: Cancel Licenses and Permits

• Identify all state and local licenses or permits your business holds.
• Contact issuing agencies to formally cancel or let licenses expire.

Step 4: Notify Employees and Manage Records

• Provide required notices to employees regarding termination and benefits.
• Maintain business records, including tax, payroll, and financial documents, for the period required by Oregon law.

Step 5: Close Financial Accounts and Settle Debts

• Close business bank accounts after all transactions are complete.
• Pay outstanding debts and notify creditors of business closure.

As of 2026, following these steps ensures your Oregon business closes properly, minimizing future compliance risks and administrative burdens.