A single-member limited liability company or LLC is a popular business structure in Oklahoma that is designed to offer an easy and flexible way to operate a business while protecting the owner's personal assets from business debts and liabilities. In this guide, we'll walk you through the simple steps you need to follow to form a single-member LLC in Oklahoma.
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Choose a Legal Name for Your LLC
The first step to forming a single-member LLC in Oklahoma is to choose a legal name for your company. Your LLC name must end with “Limited Liability Company,” “LLC,” “LC,” or “L.L.C” and it must not be the same or similar to any other existing business entities in Oklahoma.
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To check the availability of your proposed company name, you can conduct a name search on the Secretary of State's website. Once you have chosen a unique name, you can reserve it for 60 days by filing for Registration of Trade Name/Trademark with the Secretary of State’s Office.
Appoint a Registered Agent
Oklahoma State law requires all LLCs to have a registered agent who is responsible for accepting legal documents on behalf of the company. This can be an individual with a physical address in Oklahoma or a business entity that provides professional registered agent services.
File for Articles of Organization
The next step to form a single-member LLC in Oklahoma is to file Articles of Organization with the Oklahoma Secretary of State’s Office. You can either download this form from the Oklahoma Secretary of State's website or choose to file it online.
The Articles of Organization require you to include your LLC name, address, registered agent information, and the purpose of the LLC. You also need to disclose the number of members in your LLC, in this case, one member.
The filing fee for the Articles of Organization in Oklahoma is $100, and processing time takes up to three business days.
Obtain an EIN Number
An employer identification number (EIN) is a unique identification that is used by the Internal Revenue Service (IRS) to identify your business entity for tax purposes. As your LLC will be treated as a separate business entity, you’ll need to obtain an EIN from the IRS after you have formed your LLC. You can do this by completing an online application on the IRS portal.
Obtain Required Permits and Licenses
Depending on the nature of your business, you may need to obtain professional or occupational licenses, permits or registrations before you can start operating your single-member LLC in Oklahoma. Be sure to research the specific requirements for your industry and location, including state and federal tax, worker’s compensation, sales tax, and local business permit requirements.
Publish Notice
Under Oklahoma law, single-member LLC is required to publish a notice of formation in a local newspaper for two consecutive weeks notifying that the entity has been created. The notice must include the LLCs name, the names of its organizers, and its registered agent’s office address. The LLC must file a certificate of publication with the Oklahoma Secretary of State to confirm that the publishing requirements have been met.
Operating Agreement
Although Oklahoma State law does not explicitly require a single-member LLC to have an operating agreement, it is still recommended that you draft one for your company. An operating agreement outlines the rules and regulations to be followed regarding the management of the company, decision making, rules of addition or exit, rights of the owner and how you choose to run your business.
Conclusion
Forming a single-member LLC in Oklahoma is a straightforward process, and it requires you to follow all the necessary steps to register your business with the Oklahoma Secretary of State. By following the above-mentioned process and procedures, you can successfully register your business entity and operate it while protecting your interests.
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