Operating agreement and bank account (step 5 of 6)

The operating agreement

• The operating agreement says how the LLC is run; it is kept by you, not filed with the Secretary of State
• Oregon's overview allows it to be oral or written and compares it to corporate bylaws
• Write one anyway, and keep it short: a bank may ask for it, and it is the only record of your intent if the practice is sold, a second member joins, or someone else has to wind the company down
• It usually answers: who owns it and in what share; who manages and signs; how money goes in and out, including owner's draws; what happens when a member joins, leaves, or dies; how it is dissolved
• Use a lawyer's draft or a template a lawyer has reviewed; sign, date, and keep it with the step 3 confirmation

The separate bank account

• The separation from step 1 exists on paper once the Articles are filed; it exists in fact only if every practice dollar runs through the practice's own account
• Open the account once the EIN arrives; bring the EIN confirmation, the filed Articles or registry listing, and the operating agreement
• The rule: client payments and payer deposits land in the business account, expenses leave from it, and you pay yourself by transfer to your personal account
• Personal bills paid from the practice account, or client checks deposited personally, erode the separation

Local registration

• Forming the LLC does not register you with your city or county
• Portland example: businesses subject to the Portland Business License Tax, the Multnomah County Business Income Tax, or the Metro Supportive Housing Services tax must register for a Revenue Division tax account (about 15 minutes; no fee stated on the page)
• Ask a CPA whether those taxes apply at your income; elsewhere, check your own city and county

Federal beneficial ownership reporting

• As of September 2026, U.S. companies are exempt from Beneficial Ownership Information reporting under a FinCEN final rule issued August 11, 2026 and effective August 14, 2026
• That rule made permanent an exemption first introduced in March 2025
• Foreign entities registered to do business in a U.S. state remain subject to it
• The rule has moved back and forth: check fincen.gov/boi yourself and note the date you checked
• The attached 2024 report is history; under the old rule a company formed before January 1, 2024 left the company applicant part empty

In order

• Sign a short operating agreement
• Open the business account with the EIN, registry listing, and agreement
• Check city and county registration
• Read the current fincen.gov/boi page

Key terms

• Owner's draw: money moved from the business account to the owner
• FinCEN: the Treasury's Financial Crimes Enforcement Network
• Revenue Division tax account: Portland's registration for the city, county, and Metro business taxes