Table of Contents
Introduction
A limited liability corporation (LLC) is a type of legal entity used to organize a business. It combines a corporation’s restricted liability with a partnership or sole proprietorship’s flexibility and absence of formality. An LLC should be considered by every business owner who wants to restrict his or her personal liability for business debts and lawsuits.
The following are the processes to form an LLC in Oklahoma.
1. Choose a Name for Your Limited Liability Company
An LLC’s name must include the terms “Limited Liability Company” or “Limited Company,” or the initials “LLC,” “LC,” L.L.C.,” or L.C.,” in line with Oklahoma law. The words “Limited” and “Company” may be shortened as “Ltd.” and “Co.” respectively.
The name of your LLC must be distinct from the names of other businesses registered with the Oklahoma Secretary of State. The Oklahoma Secretary of State’s business name database can be used to check for availability of names.
By filing an Application for Reservation of Name with the Oklahoma Secretary of State, you can reserve a name for 60 days. The reservation can be submitted either online or by mail through the Oklahoma Secretary of State Entity Filing webpage. The filing fee is ten dollars.
When doing business in the real world, you don’t have to use the formal legal name listed in your LLC’s Articles of Organization. Instead, you might utilize a fake business name, commonly known as an assumed name, “DBA,” or “doing business as.” To do so in Oklahoma, you must first register your business name with the Secretary of State’s office. To register, submit an online or paper Trade Name Report to the Secretary of State. The filing fee is $25.
2. Appoint a Registered Agent
For service of process in Oklahoma, every LLC must have an agent. this is often someone or company who agrees to require legal documents on behalf of the LLC if it’s sued. The registered agent could be a resident of Oklahoma, an Oklahoma LLC, or a domestic or foreign corporate organization allowed to conduct business in Oklahoma. An actual address in Oklahoma is required for the registered agent.
Northwest Registered Agent is good option and you can . This Northwest Registered Agent Review by GovDocFiling will give you a good understanding of the company.
3. Articles of Incorporation should be prepared and filed
The Articles of Organization are a legal document that forms your limited liability company (LLC) by giving forth fundamental information about it.
To legally establish your Oklahoma LLC, prepare Articles of Organization and file them with the Oklahoma Secretary of State. Though it’s going to appear to be an outsized task, it merely entails completing and submitting a web form. it is also possible to send it through mail.
To prepare your articles, you’ll need your LLC’s name, the street location of the LLC’s primary place of business, the LLC’s email address, and the term of the LLC’s existence. LLCs are almost often perpetual, which means they last indefinitely. A perpetual limited liability company (LLC) can be dissolved voluntarily or involuntarily. If your LLC is formed for a specific reason that will terminate at a certain date, you will provide that date here. In addition, you’ll need the signature of an LLC member, manager, or representative.
The secretary of state will evaluate your Articles of Incorporation after you have filed them. The Oklahoma LLC formation becomes a legitimate business entity once the articles are authorized.
4. Make a business agreement
In Oklahoma, an LLC operating agreement is not needed, although it is strongly recommended. The Operating Agreement is the basic agreement that spells out the members’ rights, powers, responsibilities, liabilities, and obligations to one another and to the LLC. The Operating Agreement is a private agreement that has not been filed with the Secretary of State. If an existing or newly formed LLC fails to adopt an operating agreement, the LLC’s current articles of incorporation, bylaws, or operating agreement, as well as its member control or limited liability company agreement, will serve as the operating agreement.
5. Filing an Annual Certificate
The Oklahoma Secretary of State requires all Oklahoma LLCs and international LLCs allowed to do business in the state to file an annual certificate. Each year, by the anniversary date of your LLC’s formation, the annual certificate must be filed. Late filings are subject to fines. You can file the report either online or by mail via the Oklahoma Secretary of State’s Entity Filing Portal. The yearly certificate must be filed for a charge of $25.
6. Comply with Tax and Regulatory Requirements
Even though your LLC has no workers, it must get its own IRS Employer Identification Number (EIN) if it has more than one member. If you organize a one-member LLC, you only need to get an EIN if it will have workers or if you choose to tax it as a corporation rather than a sole proprietorship.
You may be required to register with the Oklahoma Tax Commission in specific circumstances, such as if you have workers or will be selling items and collecting sales tax (OTC). You can register online utilizing the Oklahoma Taxpayer Access Point (TAP) portal, depending on the tax.
Your LLC may require additional local and state business permits depending on its type of operation and location. Check with the clerk of the city where the LLC’s principal place of business is situated for local licensing.
