To form an LLC in Oklahoma, the Articles of Organization of an Oklahoma Limited Liability Company must be filed with the Secretary of State. The articles must include the LLC’s name and address, duration of activity, and the name and address of its registered agent. The articles can be filed online using the entity filing form at the Oklahoma Secretary of State website.
Under Oklahoma law, LLCs must have the following words in their name: “Limited Liability Company”, “Limited Company”, “LLC”, “LC”, “L.L.C.”, or “L.C.”. A name can be reserved for up to 60 days by submitting a name reservation form (https://www.sos.ok.gov/business/forms.aspx) to the Oklahoma Secretary of State.
What is an LLC?
LLC refers to a Limited Liability Company, and it is organized by business owners. They have fewer corporate formalities and can be taxed by the IRS as a sole proprietorship, S corporation, or C corporation.
Each state has different requirements and regulations regarding the formation of an LLC. Business owners should check with state laws when considering forming an LLC.
Owners of LLCs are known as members, they can be individuals, corporations, other LLCs, or foreign entities. There is no limit on the number of members an LLC can have. In most states, “single-member” LLCs are allowed, where there is only one owner involved in managing the LLC.
The IRS will treat the LLC as a corporation, partnership, or included in the LLC owners personal tax return. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless they file Form 8832 and elect to be treated as a corporation.
LLCs carry tax advantages over other forms of business such as limited partnerships. The owners of an LLC do not assume personal liability for business debt, and any losses of the LLC can be used as tax deductions against active income.
An LLC can be formed through the state business formation process or consulting with LegalZoom.