Oklahoma S Corp Formation

Oklahoma S Corporation Formation

Steven Stark S Corporation Lawyer for OK

For over 30 years, Steven Stark has offered counsel to non-profit organizations and private companies. He has a passion for helping small businesses in particular since he himself started several businesses of his own in New York and Florida. He understands the importance of small businesses having a reliable attorney to advise them about legal matters from their inception.
188 reviews

Joshua Garber S Corporation Lawyer for OK

Representing notable clients like Tesla and the City of Los Angeles, Josh Garber excels at helping clients with employment and labor laws. Many of his past clients have had great success using Josh for employment agreements and Division of Labor Standards Enforcement (DLSE) hearings. With his practical advice, he has even helped clients avoid going to court.
149 reviews

Neeta Toprani S Corporation Lawyer for OK

If you need an attorney to "tell it like it is" on business matters and real estate, Neeta Toprani is a great fit. Ms. Toprani graduated from Harvard Law School and has a bachelor's degree in physics. She is extremely knowledgeable and experienced. Whether your business is dealing with a business formation or an acquisition, Ms. Toprani is a great asset. She also helps non-profit businesses thrive as well.
25 reviews

John Holder S Corporation Lawyer for OK

John Holder has been a Licensed Attorney for the past 24 years. He has had experience serving as an Assistant County Attorney, as well as a City Attorney for Lewis County and Vanceburg, Kentucky. He is a Founding Member of Holder and Lykins, P.S.C., Law Offices.
2 reviews

Stephen Crump S Corporation Lawyer for OK

Stephen Crump is an attorney that has over eight years of experience in entertainment law, defamation suits, intellectual property law, and civil litigation. Attorney Crump is licensed to practice law in California and graduated as a Presidential Scholar from the University of Southern California. With a strong background in business and technology, Attorney Crump can help you copyright, trademark, and protect your company’s intellectual property.

Pura Rodriguez, Jd, Mba S Corporation Lawyer for OK

Pura Rodriguez works as the President and Managing Partner at A Physician’s Firm, which is considered a national healthcare law office. She helps a variety of healthcare companies and providers with business planning, fraud and abuse compliance, medical staff credentialing, HIPAA compliance, and more. Attorney Pura Rodriguez previously served in the capacity as General Counsel and Chief Operating Officer at a multi-specialty healthcare practice and was in charge of contracting and hiring healthcare providers.
2 reviews

Lawrence Wooden S Corporation Lawyer for OK

Lawrence Wooden is a partner at Wooden Bowers PLLC and he focuses on estate planning, business law, and estate administration. Attorney Wooden likes to work one-on-one with his clients and provide them with the attention they need throughout their case. He will assist clients in making decisions regarding their businesses, both long and short-term. With over seven years of practical business experience, it is no wonder clients turn to Mr. Wooden. Licensed to practice in North Carolina, you can count on Attorney Wooden to help you.

Ryan Woods S Corporation Lawyer for OK

Ryan's experience is not only in tech & online business, but in working with city departments, in sports & entertainment, and with brick & mortar businesses in ... read more

Siddartha Rao S Corporation Lawyer for OK

Siddartha Rao is a founding member of the New York City-based Rao Law Group which focuses on corporate law and cases involving complex litigation. Previously, he worked as legal counsel for a software firm. Siddartha received a J.D. from the University of Texas School of Law and also holds a B.A. in mathematics from Middlebury College. He is Executive Editor of the Journal of Law & Cyber Warfare.

Oklahoma S Corporation Formation

5.0 
Based on 3936 reviews
Clear Communication - 5.0
Response Time - 5.0
Knowledgeable - 5.0
Meets Deadlines - 5.0
UpCounsel is a secure service for your business legal needs

Why use UpCounsel to hire a Oklahoma S Corporation Formation Attorney?

Confused by complicated questionnaires and government forms? Want to get your questions answered by a real attorney? UpCounsel provides personalized legal services with experienced attorneys to help form your Oklahoma S Corp the right way.
14 years

Average experience

You always get experienced professionals and high caliber work.

3x

Faster

Your work gets done quickly because professionals are always available.

60%

More cost effective

We use technology to cut traditional overhead and save you thousands.

UpCounsel has been talked about in:

Money-Back Guarantee on All of Your Legal Work

Applies to all transactions with verified attorneys on UpCounsel

In the event that you are unsatisfied with the work of an attorney you hired on UpCounsel, just let us know. We’ll take care of it and refund your money up to $5,000 so you can hire another attorney to help you.

Why use UpCounsel to form an S Corporation in Oklahoma

Starting an S Corporation in Oklahoma with a business startup attorney on UpCounsel is easy, informative, and cost-effective. In just three simple steps, our S Corporation attorneys will help you protect your business and personal assets, and help you organize your business for state and federal compliance for an S Corporation.

When forming an S Corporation in Oklahoma with UpCounsel, the attorney you choose to help you will conduct a business name search for your Oklahoma S Corporation and assist you in preparing your S Corporation Operating Agreement, along with providing other legal services based on your needs. Once your Certificate of Incorporation have been prepared and successfully filed with the Oklahoma Secretary of State, your Oklahoma S Corporation has been formed and begins its existence as a corporate entity.

However, a corporation does not register as an S Corporation with the Secretary of State. It registers as a corporation with the state and then may file for S Corporation status with the IRS. S Corporation status is a taxation category which provides income tax advantages to small businesses.

Choosing a Company Name for Your S Corporation

One of the first steps in the process of forming your S Corporation is to choose your business name.

The business name that you choose must contain the words "Incorporated" or "Inc." It must be distinguishable (not the same as or deceptively similar to) the name of an S Corp or foreign S Corporation reserved or registered.

Your S Corporation 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 S Corp before filing to see which names are available. Once you have chosen an available name, your chosen S Corporation attorney can help you properly register your name with the State of Oklahoma.

Requirements for Forming a Oklahoma S Corporation

Certificate of Incorporation: When forming an S Corporation in Oklahoma, the Certificate of Incorporation must be filed following NRS Chapter 86 with the Oklahoma Department of State Division of Corporations. Oklahoma state law requires that certain information be included in your Certificate of Incorporation when forming your Oklahoma S Corporation.

This information must include:

  1. The S-Corp's name and address.
  2. The S-Corp's purpose.
  3. The S Corporation must appoint a statutory agent designated to for its' service of process. The Original Appointment of Statutory Agent (incorporated into the Certificate form) must provide the agent's name and address as well as the agent's signature accepting the appointment.
  4. The number of shares the S Corporation is allowed to issue.
  5. The incorporator's name, address, and signature.

Additionally, a Oklahoma S Corporation formation generally requires inclusion and/or consideration of the following:

S Corporation Qualification Requirements: For a corporation to qualify as a S Corporation for tax purposes, it must meet the following requirements:

  1. Must be a domestic corporation.
  2. Have only allowable shareholders including individual, certain trusts, and estates; and may not include partnerships, corporations or non-resident shareholders.
  3. Have only one class of stock
  4. Have no more than 100 shareholders
  5. Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).

Additionally, a Oklahoma S Corporation formation generally requires inclusion and/or consideration of the following:

S Corporation Operating Agreement: Although the S Corporation Operating Agreement is not required with the Certificate of Incorporation, it is a good idea for every S Corporation with more than one member to have one. The Certificate of Incorporation may contain restrictions or prohibitions on the power of the members to adopt, amend, or repeal an operating agreement. Oklahoma recognizes operating agreements as governing documents.

Membership: A S Corporation 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 S Corporation directly from the S Corporation at the time of formation and, after formation, at the time provided in and upon compliance with the Certificate of Incorporation or the operating agreement or, if not provided, only upon the vote of a majority in interest of the S Corporation members, excluding the vote of the person acquiring the membership interest, and only when the person becomes a party to the S-Corp's operating agreement.

Resident Agent needed for a Oklahoma S Corporation

Remember every Oklahoma S Corporation 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 a Oklahoma resident 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 S Corporation 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 S Corporations

Annual Report: Each S Corporation shall provide an annual report to the Oklahoma Secretary of State regarding its financial condition to each of its officers, directors, and registered agent. The first annual report is due by the last day of the first month after S-Corp's Article of Incorporation was filed. The initial filing fee is $125.

Records: Each Oklahoma S-corp must keep the following records open to inspection at its office:

  1. The Certificate of Incorporation and any amendments
  2. The S-Corp's Bylaws
  3. A stock ledger or a statement of where it is kept.
  4. A signed "Incorporator's Statement" showing the names and addresses of the initial directors who will serve on the board until the first annual meeting of shareholders.

Business Licenses: Business licenses and/or permits are required for most businesses. Contact the Oklahoma Secretary of State for specific licenses.

Filing Fees for a Oklahoma S Corporation

The filing fee is based on the total authorized capital (number of shares multiplied by the par value). The fee is $1.00 per $1,000 of authorized capital. No par value stock is valued at $50n per share. The minimum fee is $50.

Taxes for a Oklahoma S Corporation

A Oklahoma S Corporation is a special type of corporation created through an IRS tax election. An eligible corporation can avoid double taxation (once to the corporation and again to the shareholders) by a corporation with a Subchapter S designation by the IRS. A corporation must file a Form 2553 to elect "S" status within two months and 15 days after the beginning of the tax year.

Owners of the S Corporation report business losses or profits on their personal tax returns, and therefore the business itself is not taxed. Each shareholder is responsible for paying taxes on their pro rata share of the S corporation's items of income, deductions, and credits (through a Schedule K-1 form).

Oklahoma state law follows federal law for income tax purposes. Therefore if a corporation is classified as an association taxable as a S Corporation for federal income tax purposes, so will it be taxable as a corporation for state tax purposes.

Federal Income Tax: An S Corporation does not pay federal income tax.

Federal Tax Identification Number: Your corporation will need to obtain a federal tax identification number, which is also known as an Employment Identification Number (EIN). You do not need to get a new EIN after the corporation choose to become a S Corporation. An EIN is similar to an individual's social security number. You will need an EIN for your S Corporation as long as there is one member, even if the S Corporation 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.

Start Your Business Off Right with an Affordable Attorney in Oklahoma

What Our Customers Have to Say

"UpCounsel gives me access to big-firm lawyers minus the big-firm price tag. I work with several attorneys on the platform and there are never surprises...I always receive quality legal work at competitive rates that larger firms simply cannot match."

Scott Woods
SVP & General Counsel

"Every startup needs to know about UpCounsel. We found great attorneys at great prices and were able to focus our resources on improving our business instead of paying legal bills."

Sean Conway
Co-founder & CEO

"Before UpCounsel it was hard for us to find the right lawyer with the right expertise for our business. UpCounsel solves those problems by being more affordable and helping us find the right lawyer in no time."

Tristan Pollock
Co-founder & COO

Find the best lawyer for your legal needs