How to Form a Company in Oklahoma
Introduction
The process of forming a business in Oklahoma is simple, but can be time-consuming. Follow these steps to get started:
Understanding the options available
As the name implies, an LLC (Limited Liability Company) is a hybrid business structure that combines elements of corporations and partnerships. All LLCs must have at least one member (owner) and may have multiple members. If you are not sure whether or not your business should be formed as a corporation or an LLC, see our article on the differences between these two structures.
There are two types of Oklahoma LLCs: single member and multi-member entities:
- Single Member – A single member version does not require any formalities beyond filing Articles of Organization with the Secretary of State’s office; however, it is possible for another party to become involved in your business by becoming an assignee or sub-assignee on your operating agreement if they so desire. An assignee would become part owner while retaining all rights previously held by the original owner(s). On the other hand, a sub-assignee would only receive certain rights outlined in their agreement with another party before becoming involved with this type of company structure in any way whatsoever; this means that they will never legally own anything until such time comes when they buy out every other owner’s shareholding interest within said venture altogether!
- Multi Member – In order to form a multi member company structure within Oklahoma City proper limits there needs to first be at least three individuals who want their own shareholdings but don’t necessarily need separate offices or even separate rooms if desired within one larger office space shared among them all together instead! This means once again filing Articles Of Organization through either mail delivery methods available today like FedEx Office Express Mail Service™or UPS Ground Delivery Services®or even hand delivered documents coming straight from our talented staff behind closed doors here at [your local franchise]. Then again–while this may sound very similar; there are some differences between each approach including cost per transaction fees plus labor costs associated (depending upon which option chosen).
Deciding on a name
The name you choose for your business is important, because it’s an essential part of establishing brand identity. To ensure that the name you choose is available, use this free search tool to check it against all Oklahoma businesses.
After you’ve verified that a name is available, think about what kind of image you want your company to portray and how the names on the market might reflect that image. Is there anything about your business or its goals that needs to be reflected in its name? If so, try brainstorming with some friends before settling on something final (and no matter what else happens in the future, keep this list!).
In addition to reflecting your company’s character and being memorable and unique enough for customers to easily recall, another consideration when choosing a company name is whether it’s available as an Internet domain name—and if so (or if not), how much does it cost each month?
Making a business plan and finding funding
A business plan is a critical part of starting any company, even if it’s only a one-person operation. It’s the first step in determining your goals and putting them in writing. In addition to outlining where you want your business to go, it also shows potential investors that you have thoroughly thought through the process and are prepared for success.
The Oklahoma Department of Commerce offers a template to help guide the planning process. The document includes sections on market analysis, financial projections and marketing strategy. The market analysis should include information about competitors in the industry as well as opportunities available within that industry or space (for example: how many customers are there in an area who need this type of product or service?).
The financial projections should include cash flow statements, profit-and-loss statements (P&L), balance sheets—all showing how much revenue each month will be coming into your company until your profits reach their peak point at around 12 months after opening day!
Registering with Oklahoma Tax Commission, tregistration.com
Registering with the Oklahoma Tax Commission, tregistration.com (OTC) is the first step in getting your business up and running. This can be done online or by mail. The OTC website has all of the forms you need to register your company as well as instructions on how to complete them and pay any fees. You will also need to determine what type of entity you want your company to be, which determines how much it costs and what kinds of taxes you’ll have to pay once your business starts making money. There are two broad categories of entities: sole proprietorships and corporations; each has advantages and disadvantages depending on whether you’re looking for personal liability protection or a limited amount of liability protection for investors in case something goes wrong with their investment funds from legal actions taken against them after they’ve invested into businesses run by others who’ve made poor decisions about how much money they should spend on certain projects without thinking about whether those investments will profit them back tenfold when someone else sees what could be accomplished if only given enough time & resources…
Gather your other documents
There is also a list of other documents that you will need to gather. These include:
- A business license. You will be able to obtain one of these through the Oklahoma Tax Commission and should apply for one as soon as possible. You can find out more about the process from them here.
- A tax ID number, which you can assign to your business by completing an IRS form SS-4 and mailing it in (you can download it here). This number is used to identify your business with the government and other institutions, so make sure that you fill out this form carefully!
- A business plan detailing how your company will operate and what its goals are over time; many state governments require this before they grant incorporation status, so if yours does too then make sure that it contains all relevant information about what kind of company entity structure would fit best with its operations – i
Submitting articles of incorporation through Secretary of State, sos.ok.gov/forms-filing/online-business-services or in person at 2300 N Lincoln Blvd, Rm 101 OKC 73105-4909 or by mail to P.O. Box 53156, OKC 73152-3156
To submit the articles of incorporation through Secretary of State, you will need to follow these steps:
- Go to sos.ok.gov/forms-filing/online-business-services or in person at 2300 N Lincoln Blvd, Rm 101 OKC 73105-4909 or by mail to P.O. Box 53156, OKC 73152-3156
- Choose your state and county from the drop down menus on the homepage
- Select “Articles of Incorporation” from your list of forms available
- Fill out all required information and click next until you reach a confirmation page where you can pay your $100 filing fee or print a copy of your completed application for later submissions
Pay the $100 filing fee and wait for approval
The next step is paying the $100 filing fee, which you can pay online. Once you’ve paid, you can wait for approval—it usually takes about two weeks for your application to be reviewed and approved by the state. To check on the status of your application, go to [the Oklahoma Secretary of State website](http://www.sos.ok.gov) and log in using your email address or phone number from when you submitted it (if you haven’t done so already). If your business is approved, they’ll send an email with further information on how to proceed with forming a company in Oklahoma!
Don’t let the paperwork keep you from starting your business.
Don’t let the paperwork keep you from starting your business. Many people make the mistake of thinking that forming a company involves a lot of complicated paperwork, but as long as you have access to a computer and printer, creating your own LLC is actually quite easy.
While it’s true that there are plenty of documents involved in the process—including articles of organization, operating agreements and more—the good news is that most states make it possible for new businesses to use online filing services like LegalZoom or Rocket Lawyer. These companies can help walk you through all the steps necessary for filing with each state office where your business needs to register. And if this sounds like too much work? You can always hire an attorney for around $1,000 who will handle everything for you!
Conclusion
We hope that this guide has helped you understand the basics of how to start a business in Oklahoma. If you need more information, please contact us at [email protected].
