Naming your Oklahoma small business is the first step to start a corporation. There’s no rule when it comes to naming your startup, you just need to any of the following words and abbreviations after you business name: corporation, incorporated, company, limited, club, foundation, union, co.,corp., ltd. to mention a few.
Your business name should be unique and distinguishable from other existing businesses. Use the business name search tool provided by the Oklahoma Secretary of State to check the availability of your business name. You can also reserve your business name for 60 days, just file an application for Name Reservation. Submit your application through postal mail or through Entity Filing online along with your $10 filing fee.
To form your corporation you must file for your Certificate of Incorporation before the Oklahoma Secretary of State’s Office. Before you start filling out the form, make sure that you prepare the following information:
File your Articles of Incorporation through postal mail or online via Entity Filing. Filing fee is based on the the total authorized capital. The minimum filing fee is $50.
An Oklahoma Registered Agent has a great role to play in your startup’s daily operations. He/she is responsible in accepting service of process notices, legal documents and mails. There are three basic requirements set by the state of Oklahoma when hiring a registered agent.
First your agent must be a resident or a company authorized by Oklahoma to do business in the state. He/she should have a physical address in Oklahoma as well. In Oklahoma, corporations or businesses in general are allowed to act as their own registered agents. You can hire a professional registered agent service for $160 a year, but if you form your Oklahoma Corporation with IncFile, it’s completely free!
A Corporate Records Binder or a Corporate Records Books is important because this is where you’ll place and record all pertinent documents and meetings for safekeeping. From your business registration documents to your state taxes, business licenses and permits and minutes of all board meetings, you can put them in your Corporate Records Book.
You can buy a Corporate Records Book from your local office supply store. You can also directly order at Amazon and have it shipped easier.
It is your responsibility as the business owner to elect the initial directors of your Oklahoma Corporation. The role of your initial directors is important because they will be at the forefront of your business; they create decisions and will serve the board during the first shareholder’s meeting.
After you’ve elected the initial directors, make an Incorporator’s Statement containing all the names and addresses of your board of directors. Once done, place it in the Corporate Records Binder.
If you already have your initial directors, you can proceed in scheduling your first board of directors meeting where the following agenda will be discussed:
If you would like to form an S-Corporation, you need to include this topic in your discussion during the meeting. While you’re conducting the meeting, make sure that every discussion and decision is well documented. The minutes of the meeting should be signed by the board of directors and should be kept in the Corporate Records Book.
Business taxes and business licenses compliance is a mandatory requirement in the state of Oklahoma. Fulfilling these requirements is part of maintaining your company. You will also be able to avoid issues with the state government and the IRS. These are some of the state requirements that you need to complete:
To keep track and manage your business finances better, you have to separate your business and personal finances once and for all. The only way you can do this is if you open a business bank account. Keep a close eye on your finances by doing this very important step.
Recommended Resource: Read this roundup to guide you in selecting the best type of business bank account for your Oklahoma Corporation.
Congratulations on successfully completing the above steps, you’re now officially an Oklahoma Corporation! But things aren’t over yet, there are several things that you need to comply so you can operate your business efficiently.
These are not mandatory requirements when starting a corporation, but it’s highly recommended that you complete them.
While writing a business plan is not a mandatory requirement in the state of Oklahoma, it’s highly recommended that you have one for your business.
A business plan is not only a guide or a blueprint, it is also a powerful tool that will help you look for funding. Start your business plan now by using the resources below.
If you want to keep up with the competition, you need to build a business website for your Oklahoma Corporation.
These days, it’s so easy to make a professional business website because there are free platforms like WordPress which you can use to build one in just minutes. Bluehost is also a great tool that features a one-click WordPress installation service and customer support.
Resource for Getting Started: To help you get started, you might want to check out this step-by-step guide to assist you.
An Oklahoma Corporate Bylaws is necessary because it serves as an internal rulebook for your Oklahoma Corporation. The bylaws controls your day-to-day operations, allowing your business to run as smoothly as possible.
Since it’s not really a requirement, it is not filed together with your Articles of Incorporation, however, it’s still highly important for your business.
Please take note that this article is informational and instructional in nature. Its purpose is to guide you as you start a corporation in Oklahoma. However, it should not be considered a legal document or a form of legal advice. If you have specific questions on the legalities of starting a corporation, you can ask your Oklahoma attorney.