Are you considering forming an LLC in Oklahoma County? Forming an LLC has many advantages to business owners and entrepreneurs. The most alluring aspect is that an LLC designation will protect your personal assets from litigation if your company comes under suit. It also allows you to report the income on your personal taxes to avoid double taxation on your profits, then again on your income. Forming an LLC may only take one month depending on how quickly you gather your information and register. Also, the start-up fees for a registration are relatively cheap in Oklahoma. These fees range anywhere from $50 to $500. This article will give you advice on how to begin the process.
Process of Forming an LLC
Forming an LLC can be summarized in about five basic steps. Of course, there will be small variances from state to state in order to comply with the specific state laws.
Step 1: Select a Place of Business. This means you need to select a state in which to register your business. You should generally register in the state you plan to do this most business, but you may register elsewhere.
Step 2: Choose a Business Name. You want to choose a unique name that is not currently in use by another business. To ensure the name you want is available, you may check with certain state offices. For example, in Oklahoma you will check the Oklahoma Secretary of State’s website. If your preferred name is available, you may register for the name. This will put it on hold until your paperwork is complete.
Step 3: Choose the Registered Agent. In an LLC, the registered agent is the person who deals with the business’s paperwork. This means filing appropriate reports, tax documents, etc. You, as the owner, can be the registered agent if you so choose. However, you must live in the state that you are registering the LLC in to be the agent.
Step 4: File the LLC’s Article of Organization. Articles of Organization are a must for every company. They provide the basics of your LLC: name of the LLC, name of the Registered Agent, a Mission Statement of the LLC, etc.
Step 5: Create the LLC’s Operating Agreement. Operating agreements are essentially the internal rule the LLC will follow. So, it includes bylaws for meetings, how to communicate with employees, and financial disclosure rules.
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OKC Business Attorneys Can Help
While choosing a name and place of business are simple tasks, completing a strong operating agreement and filling out the articles of incorporation may become tedious and daunting. Let our OKC Business Attorneys help you with this paperwork. We can streamline the process and ensure your business has a firm foundation to grow on.