Forming an LLC in Oklahoma provides entrepreneurs with several advantages, including limited liability protection, pass-through taxation, and enhanced credibility. Here’s a comprehensive step-by-step guide to creating an LLC in Oklahoma:
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STEP 1: Choose a Name for Your LLC
Naming Requirements: Your LLC’s name must include “Limited Liability Company,” “LLC,” or “L.L.C.”
Distinctiveness: The name should be unique and distinguishable from existing entities registered in Oklahoma.
Name Search: Check the availability of your desired name using the Oklahoma Secretary of State’s Business Entity Search.
Optional Name Reservation: You can reserve a name for 60 days by filing a “Reservation of Name” form with the Oklahoma Secretary of State and paying the appropriate fee.
Time it Takes to name an LLC
Researching and deciding on a name: 1-2 hours
If opting for a name reservation: The act of filing can take about 10-15 minutes.
If opting for a name reservation: Filing can take minutes, but approval might take a few days to a week.
STEP 2: Appoint a Registered Agent
This individual or business entity agrees to accept legal papers on the LLC’s behalf.
The registered agent must either be an Oklahoma resident or a business entity authorized to do business in Oklahoma and must have a physical street address in the state.
Time it Takes to be a Registered Agent
Registered Agents MUST BE at the Business Address everyday during business hours. This is why Home Addresses Are Not Accepted.
If you already have someone in mind (like an attorney or a service), this can be quick. If you need to find and appoint a registered agent: 1-3 hours.
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· Legal Compliance: Avoid fines, penalties, and possible dissolution
· Convenience: Serves as your public & legal business address
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STEP 3: File Articles of Organization
Submit the “Articles of Organization” to the Oklahoma Secretary of State.
This can be done online or by mail.
There’s an associated filing fee for this form.
Time it takes to write the Articles of Organization
Preparing the document: 1-2 hours
Filing online: 30 minutes to 1 hour.
Waiting for confirmation/approval: This can range widely, but typically, online filings can be processed in a few days to a couple of weeks.
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STEP 4: Create an Operating Agreement
Though not mandated by the state of Oklahoma, having an operating agreement is strongly advised.
This internal document dictates how your LLC will operate, outlining member responsibilities, ownership percentages, voting rights, and other managerial procedures.
The Operating Agreement isn’t submitted to the state but should be kept for your records.
Time it takes to write an Operating Agreement
If using a template and making minimal changes: 1-3 hours
If drafting from scratch or having extensive negotiations among members: Several days to weeks.
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STEP 5: Obtain an Employer Identification Number (EIN)
Apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes.
You can apply for an EIN online at no cost through the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
The EIN will be used for tax filings, opening bank accounts, and hiring employees.
Time it takes to get an EIN / Tax ID
Filling out the online form and receiving the EIN: Approximately 0.5 to 1 hour (the online process is relatively quick if there are no complications).
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SO HOW MUCH TIME WILL IT TAKE TO FORM AN LLC MYSELF? DO IT MYSELF (DIY) an LLC?
Total Time Investment (Minimum): 5 hours (if you exclude the higher range estimates and name reservation)
Total Time Investment (Maximum): 11.5 hours (if you include the higher range estimates and name reservation)
This gives a ballpark range of 5 to 11.5 working hours for an individual, excluding all waiting times. It’s worth noting that these times can vary based on the person’s familiarity with the processes and any specific details or challenges related to the business being set up.
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