Benefit Company FAQ
What is a benefit company?
The Oregon benefit company is a new corporate status for companies that aim to make a positive impact on society and the environment in addition to earning a profit. Some 30 states and the District of Columbia have enacted similar legislation for business corporations only. Oregon's law includes corporations and limited liability companies.
How do people know it’s a benefit company?
Reviewing a company's articles of incorporation or organization is the only sure way to tell if a company qualifies. We'll update the list of Oregon benefit companies on our website as new ones are filed.
What if my benefit company isn't on the list?
The list is updated monthly. Your business won't show up on the list immediately after being filed. If it's been more than a month since your filing date, please contact us and we'll research your filing and update our website.
Does benefit company designation affect tax status?
No. Benefit company status only affects requirements of corporate purpose, accountability and transparency. Everything else remains the same.
How do I register a foreign benefit corporation in Oregon?
Benefit companies organized in other states as a benefit corporation, benefit limited liability company, social purpose corporation (Washington) or flexible purpose corporation (California) can apply for foreign authority to transact business in Oregon as either a foreign business corporation or a foreign limited liability company.
I filed as a benefit company. What else do I need to do?
- May designate at least one “benefit governor” on its board.
- Must choose a third-party standard to follow.
- Must publish an annual report on its website that shows how the business met the standards that year.
- Should assess the extent the benefit company provided a general public benefit against the third-party standard.
How do I prepare an annual benefit report?
The benefit company should:
Are the name availability rules different for a benefit company?
No, but "benefit corporation" and "benefit company" are not entity identifiers. Contact us
if you have questions about your proposed name.
Where can I find more information about benefit companies?
You can review the statute ORS 60.750 - ORS 60.770.