Oregon Statutes 63.074 – Purposes; prohibition on illegal purposes
(1) Except as otherwise provided by the laws of the state and in this section, a limited liability company formed under this chapter may conduct or promote any lawful business or purpose that a partnership, corporation or professional corporation as defined in ORS § 58.015 may conduct or promote, unless the articles of organization set forth a more limited purpose. A person may not organize a limited liability company under this chapter for any illegal purpose or with an intent to fraudulently conceal any business activity from another person or a governmental agency.
Terms Used In Oregon Statutes 63.074
- Articles of organization: means the document described in ORS § 63. See Oregon Statutes 63.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual or entity. See Oregon Statutes 63.001
- Statute: A law passed by a legislature.
(2) Subject to the laws of the state, the rules and regulations of a regulatory board of a profession, if any, and the standards of professional conduct of the profession, if any, a limited liability company or members of the limited liability company may render professional service in this state. Notwithstanding any other law, members of a limited liability company, including members who are managers, and who are also professionals, as defined in ORS § 58.015, are personally liable as members of the limited liability company to the same extent and in the same manner as provided for shareholders of a professional corporation in ORS § 58.185 and 58.187 and as otherwise provided in this chapter.
(3) A business that is subject to regulation under another statute of the state may not be organized under this chapter if the business is required to be organized only under the other statute. [1993 c.173 § 19; 1995 c.93 § 4; 1995 c.327 § 4a; 1997 c.774 § 11; 2017 c.705 § 21]