Although it can be an exciting endeavor, starting a business also involves a lot of effort and paperwork. Selecting the appropriate business structure, such as an LLC, is one of the first steps in beginning a firm. However, a common query from business owners is how long does it take Oklahoma to approve an LLC.
The short answer is that Oklahoma normally takes 1-2 weeks to authorize an LLC. Through the website of the Oklahoma Secretary of State, this procedure can be finished online. An LLC must pay a $100 filing fee, which is payable online with a credit card.
The Oklahoma Secretary of State will issue the business owner a certificate of incorporation once the LLC has been approved. This certificate is crucial as it demonstrates the LLC’s official registration with and recognition by the state.
Oklahoma requires LLCs to pay state taxes, such as income tax, use tax, and sales tax. Use tax is levied on items bought outside of Oklahoma but used within the state, whereas sales tax is levied on products and services sold in Oklahoma. The LLC must pay state income tax, which is a tax on its profits.
While it is not possible to obtain an LLC for nothing, there are strategies to reduce the filing costs. For instance, several states waive certain fees for business owners that are starting out on a tight budget or in a low-income neighborhood. Some online legal businesses also provide discounted or no-cost LLC formation services.
Depending on the city and type of business, a business license in Oklahoma costs a different amount. For instance, a standard business license costs $50 in Oklahoma City but it costs $75 in Tulsa. However, certain companies can need more licenses or permits than others, which could raise the entire cost.
LLCs in Oklahoma are exempt from paying franchise taxes. However, Oklahoma’s corporate income tax is applicable to LLCs that chose to be taxed as corporations. Additionally, other taxes, such use tax and sales tax, may apply to LLCs.
In conclusion, the approval process for an LLC in Oklahoma normally takes 1-2 weeks. Oklahoma requires LLCs to pay state taxes, such as income tax, use tax, and sales tax. While it is not possible to obtain an LLC for nothing, there are strategies to reduce the filing costs. Depending on the city and type of business, a business license in Oklahoma costs a different amount. LLCs in Oklahoma are exempt from paying franchise taxes.
You can apply for an EIN in Oklahoma by phone, fax, mail, or online through the IRS website. If you apply online, you can have your EIN right as after the process is finished. It could take up to four business days to get your EIN if you submit your application via fax or mail. If you apply over the phone, you will get your EIN right away. Prior to applying, make sure to have all the relevant information at hand, including the legal name and address of your LLC and the responsible party’s social security or tax identification number.
You must submit the Articles of Organization to the Oklahoma Secretary of State in order to establish an LLC there. The articles of organization can be submitted by mail or online. When submitting the paperwork, you’ll also need to pay a filing fee. You will be sent a Certificate of Organization as soon as the Oklahoma Secretary of State grants approval for your LLC.