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How to Start an LLC in Oklahoma (May 2024 Update)

Meow Technologies, Inc.

Meow Technologies, Inc.

Starting a business can be an exciting yet daunting task. Choosing the right business structure is a crucial first step that provides your business key protections and tax benefits. A limited liability company (LLC) combines aspects of partnerships and corporations to offer business owners personal liability protection along with operational flexibility and tax efficiency.

Forming an LLC in Oklahoma is a relatively straightforward process that can be broken down into six key steps:

  • Choosing a business name
  • Appointing a registered agent
  • Filing articles of organization
  • Getting an official certificate from the state
  • Creating an operating agreement
  • Obtaining an Employer Identification Number (EIN)

Walking through each of these steps will legally establish your LLC and allow you to start operating. This guide will explore the specifics of each requirement to help you form your Oklahoma LLC smoothly.

Choosing a Name

The first official step is selecting a name for your LLC that meets Oklahoma's naming requirements. Your LLC name needs to include a designator like "Limited Liability Company," "LLC," or "L.L.C" to identify the business structure. You also want to ensure the name is distinguishable from other entities registered in Oklahoma. The state provides an online search tool to look up availability as well as a complete list of naming guidelines.

When brainstorming names, start by considering your brand identity, products/services offered, and target audience. You’ll also want to check domain name availability if you plan on having a website. Additionally, Oklahoma allows you to preemptively reserve a name for 60 days for a small fee in case you need more time to prepare.

Key naming steps:

  • Include LLC designator
  • Check name distinguishes your business
  • Verify website domain availability
  • Can reserve for 60 days

Appointing a Registered Agent

Oklahoma requires all LLCs to designate a registered agent authorized to receive service of process and official documents on behalf of the business. This agent must be accessible at a physical address in Oklahoma during normal business hours.

You have the option to appoint yourself, a company member, or your attorney as the registered agent. There are also third-party services available to act as commercial registered agents usually for an annual fee. Consider logistics and costs to determine the best fit. If appointing yourself or an employee, ensure there are sufficient processes in place to handle legal communications.

Key registered agent steps:

  • Must meet accessibility criteria
  • Can be a person or a service company
  • Factor in costs and responsibilities

Filing Articles of Organization

The formation document that legally establishes your LLC is called the Certificate of Organization or Articles of Organization. To complete this document, you’ll provide the Oklahoma Secretary of State details like your business’s name, address, email, ownership structure, registered agent information, and duration period.

You can submit your articles through the Secretary of State’s online filing system, by mail, or in-person along with payment of the $100 formation fee. If the state approves your submission, that means your LLC has all legal rights and privileges to start operating.

Key article steps:

  • Provide required LLC details
  • File with $100 fee through SOS website or mail
  • Gain authorization to operate upon approval

Getting an Official Certificate

After approving your filed articles, the Oklahoma Secretary of State will send you an official certificate demonstrating that your LLC formally exists. This certificate can serve as proof of company registration as you start doing business.

Specifically, the formation certificate allows you to move forward with important tasks like obtaining an EIN from the IRS, registering for state/local licenses, and opening a bank account. Display this critical document when handling any government agency or vendor requests.

Key certificate steps:

  • Receive in mail following article approval
  • Use for EIN, licenses, bank account
  • Keep available as business proof

Creating an Operating Agreement

While an operating agreement is not strictly required, it is highly recommended for any Oklahoma LLC. This document outlines member responsibilities, financial structures, voting procedures, and other internal processes critical for running your business smoothly.

Even single member LLCs benefit from an operating agreement for liability protection purposes. Going through the process provides helpful legal and operational clarity. If you ever intend on taking on partners or offering ownership stakes, having an agreement already drafted makes that process simpler.

Typical operating agreement contents include:

  • Member roles, contributions and compensation
  • How profits and losses are divided
  • Procedures for admitting new members
  • How business decisions and voting are handled
  • Rules and provisions for members departing

Key operating agreement steps:

  • Not required but highly recommended
  • Specifies internal business processes
  • Good preparation for future changes

Obtaining an EIN

An Employer Identification Number or EIN is a unique nine-digit number the IRS assigns to business entities used for tax purposes. Similar to an individual’s social security number, your LLC’s EIN identifies your company to federal and state tax agencies.

Applying for this number is free through the IRS website. You typically need your LLC formation certificate mentioned earlier. An EIN is required if you plan to do any of the following:

Key EIN steps:

  • Free and instant from IRS website
  • Required for taxes, banking, employees
  • Submit with your formation certificate

Next Steps

After completing all the major formation steps, your Oklahoma LLC has legal status allowing you to start doing business. Be sure to maintain your company’s good standing by staying on top of all compliance requirements and filings.

Here are some important next things to consider:

Licenses & Permits

Look into whether your LLC needs specific state or local licenses, permits, or registrations related to your industry in order to legally operate. Common examples include reseller permits, food service permits, professional licenses, zoning permits, and more.

Register with Tax Authorities

As mentioned, you’ll need to register with both state and federal tax agencies using your brand new EIN. Keep up with all taxation reporting and payments like sales tax, income tax, payroll tax, etc. Consider hiring an accountant or tax advisor.

Open Business Bank Accounts

Your LLC certificate and EIN allow you to open dedicated business bank accounts to keep company finances separate from your personal. Explore account options to find those with suitable features and pricing.

For more information, take a look at our article on the key benefits of business checking accounts.

Insurance Coverage

Depending on your industry, you may need certain insurance policies like general liability insurance, professional liability insurance, vehicle coverage and more. Review options to find adequate coverage levels within your budget.

Formalize Branding & IP

Consider trademarks and copyrights to protect your business name, logo, branding, products, services, written content and other intellectual property. Formalize this early when possible.

Conclusion

We covered the core steps for starting an LLC in Oklahoma including choosing a name, assigning a registered agent, filing formation documents, getting your formation certificate, creating an operating agreement, and obtaining an EIN.

Completing these requirements establishes the legal validity of your LLC so you can start tackling operational logistics like permits, taxes, banking, insurance, branding, and more. Revisit the Oklahoma Secretary of State website as well as the IRS website anytime for the latest compliance policies, requirements, forms, and filing procedures to keep your business legally compliant. Consider enlisting professional help like attorneys and accountants as needed throughout the process.

Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution. Likewise, Meow Technologies is not an investment adviser and none of the information presented herein should be relied upon as financial advice or a recommendation to make any financial decision nor should it be considered to be tax or legal advice. The information is the opinion of Meow Technologies for educational purposes and may not be suitable for all companies. Products, like the one described herein, are offered through Meow Technologies and are not advisory services which are only offered through Meow Advisory, LLC.** The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured bank.**

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*Disclaimer: Meow Advisory LLC is a registered investment adviser. Registration as an investment adviser does not imply any level of skill or training.
For accounts opened through Atomic Brokerage LLC: Meow Advisory LLC has an engagement with Atomic Brokerage LLC (“Atomic Brokerage”), a registered broker-dealer and member of FINRA and SIPC , to bring you the opportunity to open a brokerage account. Brokerage services for customers of Meow Advisory LLC are provided by Atomic Brokerage. For more details about Atomic Brokerage, please see the Form CRS, General Disclosures, and the Privacy Policy. Check the background of Atomic Brokerage on FINRA’s BrokerCheck.
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**Disclaimer: Meow Technologies is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.

Meow currently partners with three banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC, Grasshopper Bank, N.A; Member FDIC, and FirstBank, a Tennessee corporation; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A, you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of Grasshopper Bank, N.A, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheets for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB. If you also hold funds in a sweep program with Third Coast Bank SSB, Third Coast Bank SSB sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit Third Coast Bank SSB for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Third Coast Bank or you). The current maximum deposit insurance amount for your funds is up to $50 Million in FDIC insurance through the sweep network of Third Coast Bank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and conditions and refer to the applicable rate sheet for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by FirstBank, a Tennessee corporation, you deposit your funds into a deposit account at FirstBank, which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. Visit IntraFi for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of FirstBank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheet for additional information.

***FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.com.

FirstBank Funds Availability Notice

FirstBank’s general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the SECOND business day after the day of deposit.