company in Oklahoma

To start a company in Oklahoma that comes with asset protection, you must create an LLC, a limited liability partnership, or a corporation. By following the fundamental procedures, you can start a new venture in as little as seven days.

Getting Started as a Company in Oklahoma

To begin a company in Oklahoma, you must first have a business plan. To do this, you’ll need to strategize and concentrate on building a customer-focused business. You must also be enthusiastic about the company and have a genuine desire to support people and find solutions for what they need.

Developing Your Business Strategy

Developing a basic company plan requires considering several factors. You must define a target market and build a unique selling proposal (USP). A USP is a concise phrase that encapsulates the fundamental aim of your business. For instance, a catering company might use a catchphrase like “Everything Catered to Perfection.”

Additionally, you must prepare a one-page overview or synopsis. This synopsis includes the most essential parts of your company’s reasons for adding itself as an Oklahoma limited liability company (LLC) or one of the leading Oklahoma partnerships or corporations. You’ll need to include your unique selling proposition, target market, goals, and growth expansion strategies in the synopsis.

Selecting a Business Entity

Oklahoma companies that want to safeguard themselves from personal responsibility typically will create a limited liability company (LLC) or include themselves among Oklahoma corporations.

Establishing a Partnership

Generally, Oklahoma partnerships are not required to register with the state. In fact, commercial activities may start immediately. However, a partnership in Oklahoma lacks the personal asset protection and tax benefits of corporations and limited liability firms in Oklahoma. You may still form a partnership by setting it up as an LLC or as part of an LLC. This provides you with liability protection and tax benefits. For instance, you may form an LLC with partners who agree to be classified as a partnership under an LLC. You’ll need to speak to an accountant to find out more about setting up your business this way.

Therefore, a partnership may be added to an LLC, either as an asset or as an LLC member. If you make this decision, you’ll be able to divide your personal and company assets, which will give you increased credibility and protect you against personal loss.

As indicated, this advantage is also accessible when setting up a limited liability business or corporation in Oklahoma. To receive these benefits, an LLC or corporation must be registered through the Secretary of State’s office in Oklahoma.

Establishing and Registering a Limited Liability Company (LLC) or Corporation in Oklahoma.

For the majority of new firms in Oklahoma, setting up an Oklahoma limited liability company (LLC) is the easiest and most cost-effective method of obtaining personal liability protection. That’s because an LLC is straightforward and less formal than establishing corporations in Oklahoma.

If you want to set up a company in Oklahoma, you’ll find that choosing an LLC structure will afford you several options. You can own an LLC as an individual, entity, estate, or trust.

A start-up company in Oklahoma with only a single member may establish a single-member LLC to protect the owner’s personal belongings. If you’re already an entity, you may also set up an LLC. Therefore, you can own an LLC if you’re an LLC, a corporation, or one of the Oklahoma partnerships in the state. In these situations, the parent entity’s members own and manage the LLC. In addition, the parent entity is normally not responsible for any of its subsidiary LLC’s debts.

As noted, as an estate, you can also own an LLC. An estate is defined as an individual’s ownership of money and property, including net worth – consisting of property owned and debts. So, if you own an LLC, your estate is also the owner of the LLC.

How to Set Up and LLC or Incorporate

Whether you elect to become an LLC or wish to incorporate your company in Oklahoma, the following actions are necessary:

  • Choose a registered agent who will accept formation documents on behalf of your firm. The registered agent must reside in Oklahoma and be reachable during weekday business hours – 8:00 am to 5:00 pm.
  • Get an Employer Identification Number to pay employees, set up business bank accounts, and identify your business for tax purposes. You cannot pay employees or establish bank accounts for your business if you don’t obtain an EIN.
  • Give your Oklahoma LLC or corporation a unique name. To begin, search the SOS website and fill out an application form.
  • Create the Articles of Organization if you plan to create an LLC.
  • Draft the Articles of Incorporation, if you choose to incorporate them.
  • Create an operating agreement for an LLC. This document will not be part of your application form for the Secretary of State. It will be kept in-house to resolve any internal conflicts.
  • Draft the bylaws for your corporation. The bylaws are similar to an LLC operating agreement. They set up the framework for how you’ll run your business.
  • Check licenses and authorization pertaining to businesses in your field.

Set Up an Accounting System for LLCs, Oklahoma Partnerships, or Oklahoma Corporations.

Your accounting system will either represent a single-entry or double-entry system. It depends on the type of clients you serve to the extent of your business operations.

Separating your business accounting system from your personal budget is important, as it enhances your professional standing and keeps you in compliance with business formation laws. 

Contact the Corporation Center to Form a Company in Oklahoma Today

If you want to streamline the process of starting a company in Oklahoma, you should contact a firm that can handle registration efficiently and quickly. Call the Corporation Center immediately at (800) 580-4870 to learn more about setting up your business and filling out the site’s online application.