HOW TO START AN LLC IN OKLAHOMA
Like any state, Oklahoma has its rules about filing for an LLC or starting up any other kind of business. If a person wants to have an LLC in Oklahoma it’s not that difficult to set up, but they will need to be sure they follow the requirements, rules, and regulations the state has set out. That’s true of the business’ creation, but there will also be things they need to do after the business has been established, too.
Naming the LLC
- The first thing a business owner will want to do is name their new company. But the name they want for their LLC may already be in use. They can search online to see if the name they’ve chosen is available. If it is, they can claim it. If it isn’t, they’ll need to pick something else. There are also restricted words that they may be able to use, but will have to file extra paperwork for, and prohibited words that they can’t use at all. That’s because those words can only be used by federal and state agencies. Additionally, Limited Liability Company, LLC, or L.L.C. must be used somewhere in the name of the company, and owners should check to see if the domain name they want is also available before they lock in a company name.
Select a Registered/ Statutory Agent
- A corporation authorized to do business in the state or a person who is a resident of the state can be a registered or statutory agent. That person or company will be allowed to receive important mail and other official documents on behalf of the LLC, which means the owners of the LLC can be elsewhere and not miss anything that is vital to the operation of their business. It’s very convenient for many owners, and an option to carefully consider. Many states strongly prefer that a registered agent is designated, as well. Incfile offers FREE Registered Agent service for the first year with every package or as a $0 standalone service.
Filing Articles of Organization
- To make the LLC official, the Articles of Organization have to be filed. This can be done online, with a non-refundable filing fee of $100. This is one of the largest steps toward the full creation of an LLC in Oklahoma, and must be done for the business to operate as an LLC from a legal standpoint.
Create Operating Agreement
- While some states still require that an LLC have an operating agreement, Oklahoma is not one of those states. An LLC can be created and operated with no official operating agreement necessary.
RUNNING YOUR BUSINESS
Getting Your EIN
- An EIN is an employee identification number, issued by the Internal Revenue service. Sometimes it is also called a Federal Tax Identification Number. It’s a unique number issued to each business. You’ll need an EIN to open a business bank account; file Federal and State Taxes; and hire employees.
- Before you get your EIN make sure your new business has been properly formed before applying and be wary of paid sites. EINs are free direct from the IRS.
- The easiest way is to apply online for an EIN. Note, the IRS website has office hours, and is only available Monday through Friday, 7am to 10pm. Yes, we also agree this is one of the most ridiculous things we’ve ever seen. You can call 1-800-829-4933, between 7am to 7pm of your time zone, Monday to Friday. Snail mail: You can download the form and mail it in.
Keeping Business and Personal Accounts Separate
- Get a business bank account for your business. This will help you protect your personal assets from potential creditors and lawsuits, and will also make life a lot easier come tax time.
- Get a business credit or debit card. This will help you keep your expenses separate and easier to track.
- No matter what business you run, accounting software and processes is a must for any small business. If you have an accountant, ask them which software they work with and recommend. A good accounting system is necessary to track income and expenses, so you can easily see if you’re making money and make filing income taxes so much easier.
- Always try and find something that will: sync with all of your bank and credit card accounts automatically – not just downloads, but auto sync; auto-match vendors, customers and other accounts; and let you accept credit cards and ACH drafts with ease. This can be applied for online, as can unemployment.
Taxes in Oklahoma
- Unemployment insurance tax and employee withholding tax are both required to be registered for, and if the company is selling a good or service that is taxable, sales tax registration is a requirement, as well. Some LLCs must go beyond these requirements, and also register for any federal, state, or city permits that are required for their type of business.
KEEPING YOUR LLC COMPLIANT
- To stay in compliance, an LLC must be sure that all employees it hires are legally allowed to work in the United States, and must report them to the state as new hires. Additionally, the LLC must provide increments, workers’ compensation insurance, printed compliance posters, and a withholding of income tax. Filing an annual report with the Secretary of State is also required. This can be filed online, and must be filed by the last date of the month the LLC was formed in. The fee is $25. A Certificate of Good Standing can also be requested online.
FILING A FOREIGN LLC IN OKLAHOMA
- The filing fee is $300 for a foreign LLC, and the paperwork to register in the state of Oklahoma can be filed online.
ABOUT HOW TO START AN LLC
I'm an entrepreneur myself. When talking to others who want to start their own business, they often get wrapped up in the nitty gritty of paperwork and forming the company. They forget that what really matters is customers, sales, and profit. That's why I created How to Start an LLC.org: a simple resource and guide so you can spend less time on forming your company, and more time on building it.
My lawyers want me to remind you that I'm not a lawyer and that I'm completely unqualified to offer legal advice. This site is meant to serve as a reference for you on your journey. If you have questions or concerns, please contact a qualified lawyer (or accountant) to help you. Also, as a general rule, never take random legal advice on the internet.