A limited liability company, or LLC, is an organization created by one or more entities to limit liability. This allows members to be jointly liable as a company for debts and obligations instead of individually. According to the Oklahoma Secretary of State, LLCs are the newest type of type of business structure in the state. Individuals seeking to create a LLC must follow proper statutory procedures and ample preparation.
Fit your business needs with the right LLC package
Decide on a name for your organization and attach the LLC title to it. Oklahoma law requires all LLCs to attach "limited liability company," "limited company," LLC, LC, L.L.C. or L.C. to their name. Other abbreviations may include "Ltd." for limited, and "Co." for company.
Check the availability of the LLC name by accessing the Oklahoma Secretary of State Office website (see Resources). You can also perform this task by calling, visiting or writing the office. Oklahoma prohibits LLCs from having the same name as other domestic or foreign corporations, partnerships, limited liability companies or names reserved with the Secretary of State. The search will give you a preliminary determination on the name availability.
Reserve the name of your LLC with the Oklahoma Secretary of State Office, by submitting an "Application for Reservation of Name." The form can be obtained online or a local Secretary of State Office (see Resources 4). Names can be reserved for up to 60 days prior to official filing. This may allow you time to prepare LLC paperwork without the cost of losing your name's availability.
Determine the principal place of business for your LLC. This is your company's main office and may be located anywhere in the world. You will need to provide the address of this location on the filing application. Address changes must be reported to the Secretary of State.
Select a resident agent and office to receive important documents, such as court summons or legal paperwork. The agent and office may be the principal place of business or a state resident, but they must be located in Oklahoma. The registered agent must be available at the registered office during regular business hours. Changes in resident agent or office must be submitted in the form of a statement to the Office of the Secretary of State. The statement should include the name of the LLC, resident agent's new address and the effective change date.
Obtain the Articles of Organization from your local Oklahoma Secretary of State Office, and complete the necessary forms. The application can be downloaded from the Secretary of State's website and may be filed online (see Resources). You can also obtain a copy by visiting their office. The Articles of Organization is the application required to establish your company in the state. The forms will require the proper signatures, company name, agent name and address, agent office address and principal place of business.
Fill in the expected duration of your LLC on the Articles of Organization form, if applicable. The company may exist for as long as the members deem fit; however, short-term companies must report their time range to the Secretary of State Office.
Sign the Articles of Organization. At least one individual or entity must sign the document, but they need not be a member of the LLC. This individual can simply be the creator, manager or registered agent of the LLC, all of which are not considered regular members.
Amend the Articles of Organization if you commit an error on the initial application. Amendments should also be filed if there is a name change, expiration date or the members decide to completely rewrite the articles.
Obtain your Tax ID Number from the IRS. The Tax ID number identifies your organization as an LLC. It will also be required on all tax form information. The ID number can be obtained by completing Form SS-4 from the IRS website (see Resources).
Prepare an Operating Agreement for your LLC. The Operating Agreement is a set of governing guidelines and rules that your LLC will follow. The document should set member rights and responsibilities, voting powers, management and structure.