"Limited Liability Company" is a way to register your business with the government.There are different ways to form an limited liability company.If you want to do business in Oklahoma, you need to form an limited liability company.
Step 1: Know the purpose of an limited liability company.
Every business has to be registered with the state for taxation purposes.A limited liability company allows for a simple taxation process but also protects your personal assets in the event of a lawsuit.You have to report your business earnings or losses on your personal income tax return.You don't have to file taxes separately for your company.Even though you personally file taxes on the company, you are not personally liable if your company ends up in a lawsuit or owing money.Only the assets of the business are at risk in that situation.
Step 2: Decide if an limited liability company is right for you.
In the state of Oklahoma, there are several business structures to choose from, but the limited liability partnership is a good choice for the majority of small businesses.If you're concerned about personal liability for potential lawsuits or debts that might result from a business venture, an limited liability company may be right for you.You aren't forming an insurance company.Banking and insurance are not allowed in Oklahoma.You don't plan to have investors or shareholders in your company.Many business structures require more than one person to register with the state, but you can form an individual limited liability company and own and manage it on your own.You can't add investors or shareholders later on due to the lack of flexibility of a corporation.You are ethical and responsible.If you act illegally or irresponsibly, your personal assets could be at risk.If a judge feels that you caused a bad situation with your company, he or she can decide to ignore the limited liability clause.
Step 3: You need to be sure you meet the requirements to apply for an limited liability company.
You must be 18 to be required in Oklahoma.If you are a domestic or foreign limited liability company that wants to do business in Oklahoma, you need to maintain a business office with a street address.If you use a credit card, you will have to pay a 4% service charge.
Step 4: You can choose the name of your company.
You need a company name before you can register an limited liability company.The name must be original if you want to choose it.You can't choose the name of an existing Oklahoma limited liability company or a corporation that has been in use for the last three years.You can check if the name you want to use is available by calling the Oklahoma Secretary of State.The name must indicate that it is an limited liability company.You can tack the letters in Oklahoma.You can either use the words "Limited Company" or "limited liability company" in the title of your company.For example, if you want your company to be called "White Paper", you could officially name it " White Paper Inc."The words must not be restricted by the state of Oklahoma.You can't use the words "bank," "insurance," or any other derivatives that suggest your company is an insurance company.For instance, you can't call your company "FBI" if you want it to be confused with federal or state agencies.Contact the Secretary of State's office if you have doubts about whether your name is acceptable.
Step 5: The Oklahoma articles of organization can be downloaded.
The form is located on the Oklahoma Secretary of State website.The form should be printed out.To fill in the required information on page 3, use blue or black ink.The business office has a street address.If you are an Oklahoma resident and don't maintain an office outside the home, your home address is acceptable.The primary contact has a working e-mail address.The street address is for the registered agent.The business office address can be the same as this.It is a term of existence.You want the company's registration to last as long as possible.Write "perpetual" if you don't have a plan to end the company at a specific time.By writing "5 years" you can indicate a set number of years.The name and date are printed on it.
Step 6: You need to register your paperwork with the state.
You can either do it in person or mail it.The filing fee is $100.Check, cashier's check, or money order can be made payable to "Oklahoma Secretary of State."The Oklahoma Secretary of State can be reached by mail at 2300 N Lincoln Blvd.Room 101 is located in the State Capitol Building in Oklahoma City.To fax your forms, include a cover letter with your credit card number, expiration date, name on the card, a return address, and the amount you authorize the Secretary of State's office to charge your card.A 4% service charge is required for the use of a credit card.The articles of organization should be included after the cover sheet.The fax number is for the Secretary of State.It will take about 10 minutes to file your articles of organization and fee with the Oklahoma Secretary of State.
Step 7: An operating agreement can be created.
You don't have to file this document, but creating one is a smart move, especially if you will have co-owners or employees.The ownership and operating procedures of the company are specified in an operating agreement.It's a good idea to have an operating agreement drafted by a lawyer who specializes in business law if you have a complex business arrangement.This will make sure that the operating agreement is sound and that all parties are aware of its provisions.Since you are unlikely to lawsuit yourself, you can draft it yourself.)
Step 8: You can get other licenses or permits.
You aren't free to begin business operations after you've filed an limited liability company with the state.You still have to get licenses, permits, and other paperwork for your business.If you work in construction, retail, restaurants or bars, wholesale, credit services, transportation, or some other industries in Oklahoma, you need one or more licenses or permits.There are many permits in Oklahoma.If you don't know if your industry requires licenses or permits, you can call the Oklahoma State Department of Commerce.
Step 9: Prepare for taxes
One of the benefits of an limited liability company is that it is not taxed as a separate entity by the government.You have to pay taxes on your business earnings.You need to register for a federal tax identification number if you have employees.The IRS provides free EINs if you file yourself, even though many websites charge a fee to do so.You need to register to file state sales tax if you have employees or are selling a product.You have to pay a $20 fee to register for business sales tax in Oklahoma and have it renewed every three years.
Step 10: An annual report should be filed.
You have to pay a filing fee in Oklahoma if you want to file an annual certificate.The company's anniversary is when the report is due.