You must register a “Doing Business As” (DBA) name with the state of Oklahoma if you want to run a business under a name other than your own. It is possible to lawfully run a business under a name other than the owner’s legal identity by using a DBA, commonly referred to as a fictitious name or assumed name. We’ll walk you through the steps of registering a DBA in Oklahoma in this article.
A DBA is a legal term used in Oklahoma to describe a company that operates under a name other than the owner’s legal name. LLCs, partnerships, and sole proprietorships frequently use DBAs. You can operate a business under a name that is easier to remember and advertise than your own name by registering a DBA. How can I set up a DBA in Oklahoma?
1. Decide on a name: Begin by selecting a name for your company that is not currently in use by another Oklahoma-registered corporation. To see if the name you want is available, visit the Oklahoma Secretary of State’s online database.
2. Submit the application: After deciding on a name, submit a DBA application to the Secretary of State of Oklahoma. The application must contain the business owner’s name and address, as well as the name of the company and its address.
4. Publicize the notice: In the county where your business is located, you must publish a notice of your DBA registration in a newspaper. For two weeks in a row, the notice must be published once each week.
You have various options for paying yourself if you are an LLC owner. The most typical methods of self-employment from your LLC are:
2. wage: As an LLC employee, you may pay yourself a wage. Compared to an owner’s draw, this may be more tax-efficient, but it also involves more paperwork and may be liable to payroll taxes. 3. Distributions: The LLC’s earnings may also be distributed to you. Distributions are similar to owner’s draws, except they are determined by your share of the LLC’s ownership.
Yes, a single person may hold an LLC. In actuality, the most typical kind of LLC is a single-member LLC. An LLC with a single member, or owner, is referred to as a single-member LLC. Many of the advantages of multi-member LLCs, such as limited liability protection and pass-through taxation, are also available to single-member LLCs.
What are the drawbacks to an LLC? Although LLCs have many advantages, there are also certain drawbacks to take into account. The main drawbacks of LLCs include: 1. Cost: Compared to partnerships or sole proprietorships, LLCs are more expensive to establish and manage.
2. Complexity: Compared to partnerships or sole proprietorships, LLCs demand more paperwork and procedures. 3. Self-employment taxes: Owners of LLCs may be subject to these taxes, which can be more expensive than standard payroll taxes. 4. Limited life: Because LLCs have a short lifespan, they may be dissolved if the owner passed away or stopped operating the company.
Finally, registering a DBA in Oklahoma is an easy and uncomplicated procedure. You can lawfully run your business under a name other than your own by following the instructions provided in this article. Additionally, LLCs have a lot of advantages for owners of small businesses, but before choosing an LLC for your company, it’s crucial to weigh the drawbacks.