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Why use UpCounsel to form an LLC in Oklahoma
Starting an LLC in Oklahoma with a business startup attorney on UpCounsel is easy, informative, and cost-effective. In just three simple steps, our LLC attorneys will help you protect your business and personal assets, and help you organize your business for state and federal compliance for limited liability companies.
When forming an LLC in Oklahoma with UpCounsel, the attorney you choose to help you will conduct a business name search for your Oklahoma LLC and assist you in preparing your LLC Operating Agreement, along with providing other legal services based on your needs. Once your Articles of Organization have been prepared and successfully filed with the Oklahoma Secretary of State, your Oklahoma LLC has been formed and begins its existence as a corporate entity.
Requirements for Forming a Oklahoma LLC
Choosing a Company Name for Your LLC
One of the first steps in the process of forming your Oklahoma Limited Liability Company is to choose your business name.
The business name that you choose must contain the words "limited liability company" or the abbreviation "LLC" or "L.L.C." as the last words in the name of the limited liability company. The words "limited" and "company" may be abbreviated to "Ltd." and "Co.," respectively.
It must be distinguishable (not the same as or deceptively similar to) the name of any Oklahoma Limited Liability Company or foreign LLC reserved or registered and cannot contain the words "bank," "trust," "trustee,""incorporated," "inc.," corporation," or "corp.," or "insurer" or "insurance company" or any other words suggesting that it is in the business of issuing policies of insurance and assuming insurance risks.
Your LLC name may contain the name of one or more members.
By using UpCounsel, you can choose several business names in order of preference. Your attorney of choice can then conduct a name check for your Oklahoma Limited Liability Company before filing to see which names are available. Once you have chosen an available name, your chosen LLC attorney can help you properly register your name with the State of Oklahoma.
Articles of Organization: When forming an LLC in Oklahoma, the Articles of Organization must be filed with the Oklahoma Secretary of State. Oklahoma state law requires that certain information be included in your Articles of Organization when forming your Oklahoma LLC.
This information must include:
- The LLC's name and address.
- The LLC's term of existence (whether finite or infinite).
- The LLC's registered agent's name and address.
Additionally, a Oklahoma LLC formation generally requires inclusion and/or consideration of the following:
Organizers: One or more people may form a LLC, yet they do not need to be members of the LLC.
Minimum Number of LLC Organizers: One (or more).
Eligibility: An organizer may be an individual, partnership, limited partnership, trust, estate, association, corporation, limited liability company, or other entity, whether domestic or foreign.
LLC Operating Agreement: Although the LLC operating agreement is not required with the Articles of Organization, it is a good idea for every LLC with more than one member to have one. If an operating agreement is created, it need not be filed with the Articles of Organization.
Membership: A limited liability company must have one or more members.
Eligibility Requirements: A natural person or an entity.
Procedure for Membership: The member may acquire an interest in the LLC directly from the limited liability company at the time of formation and, after formation, at the time provided in and upon compliance with the Articles of Organization or the operating agreement or, if not provided, only upon the vote of a majority in interest of the LLC members, excluding the vote of the person acquiring the membership interest, and only when the person becomes a party to the LLC's operating agreement.
Resident Agent needed for a Oklahoma LLC
Remember every Oklahoma LLC must have a registered agent in Oklahoma, which is the person or office designated to receive official state correspondence and notice if the company is "served" with a lawsuit. The statutory agent may be an Oklahoma resident; an Oklahoma LLC itself; or business entity authorized to do business in the state. However, the registered agent must have a physical Oklahoma street address.
Oklahoma Secretary of State
Once you create an LLC in Oklahoma, the Oklahoma Secretary of State will require that certain recurring responsibilities and duties be fulfilled. The most important of these are explained below.
For further information, contact the Oklahoma Secretary of State.
Recurring Responsibilities and Duties for Oklahoma LLCs
Annual Report: Each limited liability company shall provide an annual report to the Oklahoma Secretary of State regarding its financial condition to each of its members. The report is due by the anniversary date of the when the Articles of Organization are due. The filing fee is $25.
Records: Each Oklahoma limited liability company must keep the following records open to inspection at its office:
- A current list including the full name and business or residence address of each current and former manager and member.
- Records of the relative voting rights of the members.
- A copy of the Articles of Organization and all amendments thereto, together with any powers of attorney pursuant to which the Articles of Organization or any amendments thereto were executed.
- Copies of the limited liability company's federal, state, and local income tax or information returns and financial statements, if any, for the three most recent taxable years.
- A copy of the LLC's Operating Agreement, if in writing, and any amendments thereto, together with any powers of attorney pursuant to which any written operating agreement or any amendments thereto were executed.
- A document listing the amount of cash and/or agreed value of property or services contributed by each member.
- Time or events that would trigger an additional member contribution.
- Any documents specifying any events that would require the LLC's dissolution.
Filing Fees for a Oklahoma LLC
The processing fee for the Articles of Organization is generally about $100 but may be expedited for additional fees. Also, the filing and reservation of the LLC's name is $10. These fees can change so it would be best to check with the Oklahoma Secretary of State on what the latest fees are. You may pay these fees in many different forms including cash, check, money orders, or debit and credit cards.
Taxes for a Oklahoma LLC
A Oklahoma LLC is not required to be a separate tax entity like a corporation; instead, it can be considered a "pass-through entity," so that the owners of the LLC report business losses or profits on their personal tax returns, just like in a partnership.
Oklahoma state law follows federal law for income tax purposes. Therefore if the LLC is classified as an association taxable as a corporation for federal income tax purposes, so will it be taxable as a corporation for state tax purposes.
Federal Income Tax: Unless you elect to tax the limited liability company as a corporation, the IRS will treat a single-member LLC in Oklahoma as a sole proprietorship for tax purposes. This means that the LLC itself does not have to pay taxes or file a tax return. Unless you elect to tax the Limited Liability Company as a corporation, the IRS treats multi-member LLCs as partnerships for tax purposes. This means that LLC owners will each need to pay taxes on their lawful share of the profits on their personal income tax returns, not just on the LLC itself.
Federal Tax Identification Number: Your LLC will need to obtain a federal tax identification number, which is also known as an Employment Identification Number (EIN). An EIN is similar to an individual's social security number. You will need an EIN for your LLC as long as there is one member, even if the LLC does not have employees. For certain tax filing requirements the attorney you choose on UpCounsel can help prepare your Federal Tax ID Application, if you have not done so already.
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