Looking to incorporate in Oklahoma? Rocket Lawyer can show you how to set up your Oklahoma corporation
and file all the necessary paperwork step by step.
State Processing Fees and Times
Wondering what the processing time and fees are for starting an Oklahoma corporation? Like most states, Oklahoma can give you an accurate estimate.
Oklahoma charges a corporation filing fee. To review the fees for the State of Oklahoma visit our incorporation center
under the compare pricing section.
Deciding Between an Oklahoma C-Corp or S-Corp Tax Designation
Because limits on liability, structure, management and compliance documents are the same, deciding between filing an S Corp or a C Corp tax designation comes down to the following differences in Oklahoma:
Ownership Rules: A C Corp can have unlimited shareholders and unlimited stock classes, but an S Corp is limited to a maximum number of shareholders, usually 100, and only one stock class.
Taxes: A C Corp is taxed separately. It files taxes at the corporate level, and shareholders may also be taxed on dividends they receive. S Corps are considered “pass-through” tax entities. No taxes are paid at the corporate level. Instead, tax is paid individually by the owners.
Documents: An S Corp must file IRS Form 2553 to elect S Corp status.
Oklahoma has certain requirements regarding the personnel who start and run your corporation. These are:
- Age requirement: There is no age requirement for incorporators or directors.
- Number of directors: Oklahoma requires at least one incorporator or director per corporation. Incorporators may be individuals or companies.
- Residency: There are no state residency requirements for incorporators or directors, but registered agents must be Oklahoma residents.
Other Requirements for Your Articles of Incorporation
Your Articles of Incorporation must include the expected duration or lifespan of your corporation, unless it is perpetual or continuous. The purpose of your corporation must also be stated, but you can say that it is "to engage in any lawful act or activity for which corporations may be organized under the general corporation law of Oklahoma." You must include the authorized capital, which are your shares of stock and classes. If your incorporators are not to continue as directors, the names and addresses of the first board of directors must be included.
Every corporation should appoint a registered agent
. A registered agent is the person or business responsible for receiving tax, legal, and government documents on behalf of your corporation during regular business hours. Every corporation needs one. Your registered agent must have an address in Oklahoma, and you must include your agent's name and address in your Articles of Incorporation. An individual agent must be a resident of the state and must maintain a business office at the same location as your corporation's registered office. We’ll help you designate your registered agent when you incorporate with Rocket Lawyer.
Guidelines for Your Name
Your corporation's name is how it will be known to the world. Oklahoma has a few requirements:
- Your name must include the words "Association," "Club," "Company," "Corporation," "Foundation," "Fund," "Incorporated," "Institute," "Society," "Union," "Syndicate," "Limited," or the abbreviations "Co.," "Corp.," "Inc.," or "Ltd."
- The name must be distinguishable from any other name already on file with the Secretary of State.
Oklahoma Corporate Taxes and Reports
Oklahoma requires that corporations file an annual report with Oklahoma Tax Commission.
Although it’s not the most enjoyable part of owning a business, you must pay taxes for your new corporation. Before you start doing business, you must apply to the IRS for an EIN, an employer identification number. An EIN is the equivalent of your company's Social Security number. Rocket Lawyer has more information about the actual tax structures of S corporations and C corporations.
Corporate Record Keeping and Filing Requirements
Oklahoma does not require that corporations create records like bylaws and meeting minutes to maintain your corporate status. However, it’s recommended that you keep these documents regardless of whether they’re required by the state. They help protect the legality of your corporate status. Rocket Lawyer can help you prepare both corporate bylaws
and corporate minutes
, and can give you a comparison of bylaw requirements
and meeting minutes requirements
from state to state.
Forming a new Oklahoma corporation can be both exciting and challenging. Rocket Lawyer wishes you success and prosperity in your new venture. We're here to help when you need us.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.