The first step is to select a business name. Choosing a company name is the first step in establishing a sole proprietorship in Oklahoma. Your company name needs to be original and not in use by another company in the state. To check if the name you’ve chosen is available, use the Oklahoma Secretary of State’s website’s company name search function.
Step 2: File a Business Registration Form You must register your business with the Oklahoma Secretary of State after selecting a name for it. Online or postal registration is available for businesses. Once your application is accepted, you must pay a $25 registration fee and receive a certificate of registration.
Step 3: Acquire the Required Licenses and Permits Obtaining additional licenses and permits can be necessary depending on the type of business you are running. For instance, you’ll need a food service permit if you’re opening a restaurant. To find out which licenses and permissions your company requires, check with the Oklahoma Department of Commerce.
An EIN, or employment identification number, is a special number that the IRS assigns to your company. If you intend to hire staff members or open a company bank account, you must have an EIN. On the IRS website, you can get an EIN for nothing.
Yes, a $100 annual franchise tax is due by LLCs in Oklahoma. By the anniversary of the formation of your LLC, the franchise tax is required each year.
An LLC cannot be obtained for free. Low-income people and veterans can, however, take advantage of reduced filing costs in some states, including Oklahoma. An LLC must pay a $100 filing fee in Oklahoma.
A sales tax permit for Oklahoma can be obtained for free. Online or postal registration is available for sales tax permits.
A business form known as an LLC, or limited liability company, combines the liability protection of a corporation with the tax advantages of a partnership. Members of an LLC are the owners who are not personally responsible for the debts and liabilities of the company.