Filing An Oklahoma Corporation
Many new business owners find that filing an Oklahoma Corporation is advantageous to their operations. A Corporation provides them instant credibility with customers and clients. It also grants them numerous tax benefits. However, many owners are confused about the steps involved in the filing process. Owners must be careful to complete every step correctly.
Steps To Filing A Corporation
Choose A Name
The first thing that new business owners should do is select a name for their Oklahoma Corporation. The state of Oklahoma requires companies to include an indicator in their name reflective of their corporate structure. In this case, owners will want to add something like, “Corporation,” “Company,” “Incorporation,” or “Limited” to their name. Other possible names include, “Association,” “Club,” “Foundation,” “Fund,” “Institute,” “Society,” “Union,” or “Syndicate.” Owners could also add an appropriate abbreviation, such as “Inc.”
Also, the state of Oklahoma does not allow two entities to share the same name. The name that owners choose should be unique. To ensure that this happens, owners can check out the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After choosing a name, those looking to form a business should then find a registered agent. A registered agent is responsible for accepting legal correspondence on behalf of the company. As you can imagine, the role of the registered agent is integral to a new company’s success. That’s why many owners choose to hire a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
After choosing a name and registered agent, owners will then want to file the Certificate of Incorporation with the Secretary of State’s Business Filing Department. The cost of submitting this form depends on the number of shares that the Corporation chooses to authorize, although the minimum fee is $50. There is also a $25 expedite fee, which provides in-person, same-day service. The information that owners will need to present on the Certificate of Incorporation includes:
- The name of the company
- Name and street address of the registered agent
- Email address of the primary contact for the registered business
- Whether the duration of the Corporation is perpetual
- The purpose of the business’ formation
- Total number of shares being issued, along with the designation of each class and series and the par value per share
- Name and mailing address of undersigned incorporators
- Name and mailing address of directors, if any
- Signature of incorporators
File Initial Report
Initial Report are not required for the Oklahoma Corporation.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, the Oklahoma Corporation will need to hold an initial corporate meeting. In attendance at this meeting should be the directors who were listed on Articles of Incorporation. These directors will serve in this capacity on the board until the next annual meeting of shareholders, where directors are up for re-election.
If incorporators chose not to list directors on the Articles of Incorporation, they then are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records.
Once the board is in place, directors can define the role of officers while electing people to serve in this position. They can also draft corporate bylaws, which will serve as an internal operating manual for the company. Although bylaws are not made public, many banks and insurers require proof of them before engaging in business with a Corporation. Additionally, the Oklahoma Corporation cannot transact business until the board of directors has adopted bylaws.
While at the initial corporate meeting, the board of directors should also approve the issuance of stock. The board is responsible for doing so throughout the life cycle of the Corporation. The amount that they can issue is defined in the Certificate of Incorporation. The board will also want to maintain a stock ledger to protect the corporate veil and provide clarity to investors.
Obtain Employer Identification Number
The Oklahoma Corporation will also need to obtain an Employer Identification Numbers to file taxes, hire employees, and open a business bank account.
File Oklahoma Required Annual Reports
An Oklahoma Annual Report is not required. However, the Corporation may be required to file such reports if expanding across state lines.
Although officers do not need to file an Annual Report, they do have other administrative requirements each year. The Oklahoma Corporation must file state and federal taxes and renew all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we offer comprehensive services to help owners of an Oklahoma Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Oklahoma’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Be sure to contact our team today to learn more about how we can help your company.