Form a Oklahoma Corporation
Starting an Oklahoma corporation is simple with the Oklahoma incorporation experts at LawInc.com. Form an Oklahoma corporation easily by clicking on “Order Now.” Please feel free to call us, anytime, with any questions. Incorporate Oklahoma today.
Incorporate in Oklahoma
Incorporating a Oklahoma corporation can be vital to businesses based of Oklahoma. At LawInc, we prepare your Oklahoma corporation Articles of Incorporation, bylaws, stock certificates, stock ledger and more. We can even obtain your Oklahoma corporation Tax ID number and file your Oklahoma S corporation election with the IRS.
Oklahoma Incorporation Information
The following Oklahoma incorporation information will likely be helpful when deciding to incorporate in Oklahoma.
Oklahoma Corporation Name
The first step in forming a Oklahoma corporation is selecting the business name. Oklahoma corporation names:
- Must contain “Corporation”, “Incorporated”, “Company”, “Limited”, “Corp.”, “Inc.”, “Co.” or “Ltd.”.
- Must be distinguishable upon the records of the Oklahoma Secretary of State from any other formally organized entity registered with the Oklahoma Secretary of State’s office, such as corporations, limited liability companies, limited partnerships, and limited liability partnerships.
An available Oklahoma corporation name may be reserved with the Oklahoma Secretary of State for a 60 day period.
LawInc.com permits you to choose up to three names and will conduct a name search for your Oklahoma corporation, prior to filing. Create a Oklahoma corporation with confidence that your Oklahoma corporation name is available.
Oklahoma Corporation Formation
Oklahoma Filing Procedure: To incorporate in Oklahoma, you must file Oklahoma Articles of Incorporation with the Oklahoma Secretary of State.
Oklahoma Corporation Articles of Incorporation: The Oklahoma Articles of Incorporation should include:
- Name of the Oklahoma corporation.
- Name and address of Oklahoma registered agent.
- Duration of the Oklahoma corporation.
- Purpose of the Oklahoma corporation.
- Oklahoma corporation’s mailing address.
- Number, class and par value of the shares the Oklahoma corporation is authorized to issue.
- Name and address of the incorporator.
Oklahoma Filing Fee: The minimum filing fee in Oklahoma is $50.
Oklahoma Corporation Incorporator: Minimum number of incorporators is one (1) (a natural person over 18 years of age) and there is no requirement that the incorporator be a resident of Oklahoma.
Oklahoma Corporation Directors: The minimum number of Oklahoma directors is one (1).
Oklahoma Corporation 1244 Stock: Election to have stock classified as IRC Section 1244 stock allows for a substantially larger application of the deduction from business losses to ordinary income than regular stock. With regular stock, you can only offset $3,000 against ordinary income. With the issuance of Section 1244 Stock, the corporation can claim an ordinary loss deduction of as much $100,000.
Oklahoma Registered Agent: When you incorporate in Oklahoma, a Oklahoma corporation must maintain a registered agent and office to receive service of process in Oklahoma. The Oklahoma registered agent should be available, at a Oklahoma physical address, during normal business hours to accept important legal and tax documents on behalf of the Oklahoma corporation. The registered agent can either be (1) an individual with a physical Oklahoma address or (2) a corporation authorized to serve as registered agent.
Oklahoma Corporation Post-Filing Requirements
Oklahoma Corporation Annual Report: Oklahoma corporations are not required to file annual reports.
Oklahoma Corporate Minutes: Oklahoma corporations should hold and document annual shareholder and director meetings.
Oklahoma Corporation Taxes
Oklahoma Corporation Taxes: For information on Oklahoma income tax ,visit: http://www.oktax.state.ok.us/oktax/
Oklahoma C Corporation: When incorporating in Oklahoma, all Oklahoma corporations formed by default are “C” corporations. A Oklahoma C corporation is a Oklahoma corporation that has not made an election to be an “S” corporation. The term C corporation is specifically used because the entity is taxed under subsection C of the IRS code. Oklahoma C corporations are taxed at two levels (“double taxation”). This means that the corporation itself pays its own tax when it makes money (the first tax). The owners or shareholders are then taxed again when they are paid a salary or dividend by the corporation (the second tax). Despite double taxation, Oklahoma C corporations offer many planning and benefit opportunities.
Oklahoma S Corporation: A Oklahoma S corporation is a corporation that has made an election with the IRS to be treated for tax purposes as a “pass-through entity.” This means that corporate profits and losses are passed through to the shareholders (owners) who report them on their own personal tax returns and pay the tax at the individual level. The corporation pays no federal income tax at the corporate level. Oklahoma S corporations are not subject to the double taxation C corporations encounter. The State of Oklahoma recognizes federal S corporation status.
These are the 3 main advantages of forming a Oklahoma S corporation:
- No double taxation: One of the main advantages of Oklahoma S corporation status is that it avoids the double taxation that occurs with a regular Oklahoma C corporation. In a Oklahoma C corporation, the corporation pays income tax on its profits and, if those profits are distributed to shareholders, the shareholders pay income tax on the distribution.
- Loss deductions: The availability of losses. Shareholders of a Oklahoma S corporation generally may deduct their share of the corporation’s net operating loss on their individual tax returns in the year the loss occurs. Losses of a Oklahoma C corporation, however, may offset only the corporation’s earnings.
- Self-employment tax savings: By electing S corporation status, only the earnings actually paid out to you as salary are subject to payroll taxes; money left in the business is not subject to payroll taxes or self-employment tax. All income passes through, but its tax status depends on whether it is classified as salary or ordinary income.
Federal Tax Identification Number/Employer Identification Number (EIN): The Federal Tax Identification Number, also known as the Employer Identification Number (EIN) is a number that is assigned to a business by the Internal Revenue Service. An EIN is like a Social Security Number for a business. It is a requisite for certain business functions such as opening bank accounts or hiring employees. When incorporating in Oklahoma, Oklahoma corporations should obtain an EIN.
Oklahoma Incorporation Summary
Oklahoma Incorporation Summary: If you have any questions regarding forming an Oklahoma corporation, please call us anytime.