This due diligence checklist lists liability issues for future directors and officers in a company regarding business transactions.
Oregon Checklist for Potential Director and Officer Liability Issues
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How to fill out Checklist For Potential Director And Officer Liability Issues?
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Personal Liability of Officers and DirectorsBreach their duty of care to the corporation. Breach their duty of loyalty to the corporation. Misappropriate a corporate asset for personal use or use by another business. Commingle personal and business assets.
200b200bLicense RequirementsThe state of Oregon doesn't have a general business license. However, many occupations and business activities require special licenses, permits or certifications from state agencies or boards.
Rates vary by state, but a 2014 report PDF from the state of Oregon noted that the median rate is around $1.85 per $100 of payroll, or 1.85 percent of an employee's salary. If you're in California, you could pay up to 3.5 percent of total wages to cover workers' compensation.
Here are your basic steps for running payroll in Oregon.Step 1: Set up your business as an employer.Step 2: Register with Oregon.Step 3: Create your payroll process.Step 4: Have employees fill out relevant forms.Step 5: Review and approve timesheets.Step 6: Calculate employee gross pay and taxes.More items...?
As an employer, you'll need to register with the Oregon Employment Department. You can register quickly and securely on the Oregon Business Registry site. Once you are registered, you will receive your Business Identification Number (BIN).
Your business ID number (BIN) in Oregon is essentially your state tax ID number. It's another unique, identifying number, but one assigned at the state level when you register your business with the state government.
A corporation is an incorporated entity designed to limit the liability of its owners (called shareholders). Generally, shareholders are not personally liable for the debts of the corporation. Creditors can only collect on their debts by going after the assets of the corporation.
As an employer, you'll need to register with the Oregon Employment Department. You can register quickly and securely on the Oregon Business Registry site. Once you are registered, you will receive your Business Identification Number (BIN).
A director can be held personally liable if they act in the management of the company while disqualified, or acting on the instructions of someone else who is disqualified.
You need to obtain a BIN if you're one of the following: an in-state or out-of-state employer with employees working in Oregon OR. a corporation without employees (the BIN is necessary for reporting compensation paid to corporate officers)
