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Office of Management & Finance

Revenue Division

Arts Tax: 503-865-4278

Business Taxes: 503-823-5157

111 SW Columbia St, Suite 600, Portland, OR 97201

More Contact Info

Selling a Business

Sold or Closed Businesses

When a business is sold or closed, there are a few requirements to close your business tax account:

Complete the Out of Business form:

  • Provide the Revenue Bureau with the new owner's name and address
  • Report whether you ceased all business activity or only activity in Portland or Multnomah County
  • Income from the sale of a business is considered business income and must be reported

File a Combined Tax Return for the year you ceased business

Don't close your account if you have:

  • Contract (installment) sales are also considered continuing business income
  • If you own the real property and intend to rent or lease it to others

Tax Entity Changes:

Existing businesses changing their tax entity (for example incorporating your sole proprietor business) need to re-register and provide their current business tax account number. You will generally be issued a new tax account number for your new tax entity.