How to Start a Business in Oklahoma
- Oklahoma Business Facts and Environment
- Step 1: Decide on a Business Structure
- Step 2: Pick a Business Name
- Step 3: Register the Business
- Step 4: Obtain Your Federal Employer Identification Number
- Step 5: Open Company Bank and Credit Accounts
- Step 6: Set-up An Accounting System
- Step 7: Obtain Licenses and Permits
- Step 8: Hire Employees (if applicable)
- Step 9: Obtain Business Insurance
- Step 10: Systemize and Organize
- Step 11: Branding and Marketing
- Step 12: Annual and Ongoing Requirements
- Important Oklahoma Contacts
Oklahoma Business Facts and Environment
OK Business Facts
The capital of Oklahoma, aptly named Oklahoma City, was established in a land run of 10,000 homesteaders on April 22, 1889. Located equidistant from both US coasts, modern Oklahoma City serves as a principal distribution center in the state and region and was recently ranked by Forbes as America’s “Most Recession-Proof City” due to falling unemployment, one of the strongest housing markets in the country and strong growth in agriculture, energy and manufacturing.
Companies Headquartered in Oklahoma
The Sooner State is home to headquarters for Express Services, Hobby Lobby, QuikTrip, Love’s Travel Stops & Country Stores, Accord Human Resources, Helmerich & Payne, Sonic and MidFirst Bank, among others.
Startup Environment
Oklahoma entrepreneurs benefit from low operating costs and incentives such as the Small Employer Quality Jobs Program for businesses with a maximum of 90 employees. Though the state itself has a low-ranked business environment, Oklahoma City was recently named by WalletHub as the country’s Best Large City to Start a Business.
Step 1: Decide on a Business Structure
There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.
- A DBA or “Doing Business As” (also known as a “Fictitious Business Name” or FBN) is not really a separate structure, but just a different name that an individual or partners use as their business name.
- A Corporation is a separate entity (provides liability protection to the owners) that has a structure that includes shareholders, directors and officers. More complex than a DBA but the entity of choice for large companies and startups that intend to raise funding. Some professions are required to choose what is known as a “Professional Corporation” or PC (doctors, lawyers, architects, etc.).
- An LLC or “Limited Liability Company” is a newer type of business that is both a separate entity but provides very easy management (doesn’t require directors or officers) and taxation. Has largely replaced the DBA and Corporation in popularity recently as it provides liability protection but with much less complexity (and taxation) than a Corporation.
Step 2: Pick a Business Name
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in Oklahoma, but we highly recommend you do the following before searching Oklahoma state databases:
- Make sure you’ve covered the basics: unique, easy to understand/pronounce (practice saying it out loud: “Thanks for calling XYZ”) and can survive over time (“DVD World” is not timely). Here are some of our tips on business identity including logo and trademarks.
- Search the web for your proposed name. Search Google, Bing and DuckDuckGo as a “first sweep” for any potential conflicts, especially in your state or local jurisdiction. NOTE: If you intend to operate nationally or even internationally it will be even more important that your name be unique. This should cover many cases where a company name is being used but not officially trademarked (see next tip).
- Do a trademark search with the US Patent and Trademark Office (USPTO). This will be a very good indicator if your name will have any conflicts. There’s an art to trademark searches (trademark specialists will charge you handsomely to do a thorough search) but in our experience if you can use Google at a fairly advanced level you can reasonably clear a name yourself.
TIP: search misspellings, plurals, variations of spelling, sound-alikes and other versions of your chosen name to be sure it’s not already registered.
- Make sure your company name choice is available by searching the Oklahoma Business Entity Database. NOTE: Make sure to search variations of spelling, plurals and misspellings as the state may reject a name that is too similar (then you have to start all over again, wasting valuable time).
Restrictions on Oklahoma Business Name & Business Purpose
- The name of your Oklahoma corporation should end with “Corporation,” “Incorporated,” “Corp.,” or “Inc.”
- An Oklahoma LLC name must end with “Limited Liability Company,” “Limited Company,” “Ltd. Co.,” “LC,” “LLC” or “L.L.C.”
Step 3: Register the Business
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in Oklahoma.
How to form an LLC in Oklahoma
- File the “Articles of Organization” with the Oklahoma Secretary of State.
- Once the articles are filed and approved you will then need to properly organize the LLC (this also applies to “1-person LLC’s”) by holding an “Organizational Meeting” which takes contributions from the members, issues Member Certificates, adopts the company Operating Agreement and more.
How to Incorporate in Oklahoma
- File the “Certificate of Incorporation” with the Oklahoma Secretary of State.
- Hold an “Organizational Meeting” to determine the percentage of ownership for each shareholder as well as resolve to do tasks like open a company bank account, pay back pre-incorporation expenses, elect S-Corporation status and more.
- Corporations can elect S-Corporation status with the IRS by filing IRS Form 2553. Click here to learn more about S-Corporations.
Note: You can expedite your company registration process by hand-delivering the documents directly to the Secretary of State or one of their field offices and paying an additional fee.
TIP: Check our order form to see how long Oklahoma is currently taking to process regular and expedited orders.
How to File a DBA in Oklahoma
- File your Oklahoma trade name application with the Secretary of State.
Optional Considerations when registering an Oklahoma business
- Hire a professional Registered Agent. Many entrepreneurs list their home or business address on the Articles of Organization or Certificate of Incorporation. This can cause issues because it becomes public record (you’ll get lots of junk mail). A professional Registered Agent will provide their address and forward any important documents to you, this is also convenient if you have to move (you don’t have to file forms or pay fees, just update your address with your agent).
Ready to register a business in Oklahoma?
- We specialize in registering businesses in Oklahoma.
Ready to Start Now? Let Us Do The Work
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
- Learn more about our business formation service
- Read our verified reviews and 100% Satisfaction Guarantee
- Contact our friendly support team if you have any questions
Step 4: Obtain Your Federal Employer Identification Number
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
To obtain an EIN you can apply online with the IRS or via IRS Form SS-4.
TIP: We will obtain your EIN for you if you we form your company.
Step 5: Open Company Bank and Credit Accounts
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Click here to view a list of our recommended banks in our Vendor Network.
TIP: Our business formation service includes a free banking resolution for your use.
Step 6: Set-up An Accounting System
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
Review our list of Accountants, Accounting Software and Bookkeepers in our Vendor Network.
Step 7: Obtain Licenses and Permits
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We can help you identify the necessary forms to obtain your business license.
Step 8: Hire Employees (if applicable)
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
Review our list of recommended Payroll Providers in our Vendor Network.
Step 9: Obtain Business Insurance
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.
Click here to view our list of insurance providers in our Vendor Network.
Step 10: Systemize and Organize
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Step 11: Branding and Marketing
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
Step 12: Annual and Ongoing Requirements
DBA: Your Fictitious Business Name should be valid for two years at which point you’ll need to renew it.
LLC: Oklahoma LLCs are required to file an Annual Certificate every year by the filing anniversary date.
Corporation: Oklahoma does not require corporations to file an annual report.
Click here to view our MyCompanyWorks Premium™ service which can automate most or your ongoing compliance tasks.
Important Oklahoma Contacts
Business Filing Department (for all business filings)
421 NW 13th St, Suite 210
Oklahoma City, OK 73103
Phone: 405-522-2520
Oklahoma Taxation Department
Oklahoma Labor and Employment Departments
Oklahoma Startup Resources
1. Small Business Administration (SBA) Oklahoma
3. Oklahoma Legal Statutes
- 2014 Oklahoma Statutes Title 18. Corporations – note this is the broad code that includes various topics related to Oklahoma businesses.
- 2014 Oklahoma Statutes Title 59. Professions and Occupations – this includes regulations on Oklahoma’s professions and businesses.
4. Oklahoma Chambers of Commerce
5. Oklahoma Department of Commerce
- The Oklahoma Department of Commerce is dedicated to providing the support and tools necessary for Oklahoma companies to grow and thrive.
6. Oklahoma Angel Investors
7. Oklahoma Business News
8. Oklahoma Works
- Oklahoma Works is designed to increase the wealth of all Oklahomans through facilitating quality employment for workers and ready availability of highly-skilled talent for business and industry.
9. Oklahoma Small Business Development Center
- The OKSBDC provides confidential, high quality, no cost entrepreneurial and small business management advising in order to help Oklahomans start and grow businesses.
10. Green Oklahoma
- Green Oklahoma’s mission is to help Oklahomans live a greener life.
