Oklahoma corporations: How to form and maintain your Oklahoma corporation

Should you form your corporation in Oklahoma? We've collected the relevant information that will help you make this decision.

Pros

• Tax rate of 6%

• Among top 10 states in nation for fostering young entrepreneurs (Forbes 2013)

• Low cost of living

• OKC among top 10 cheapest cities to live in the US (Kiplinger 2017)

Cons

• Competitive market

Cost of doing business

• $50 filing fee / $0 periodic statement

Privacy

• Owner disclosure in Articles of Incorporation

Forming your corporation in Oklahoma

The name In order to communicate to the public that your new business is incorporated, its official name will need to end with one of the following signifiers (or a relevant abbreviation): “incorporated”, “Company”,  “Institute”, “Society”, “Foundation”, “Fund”, “Association”, Club”, “Limited” or “corporation.” In addition, it is required that the name of your business is not intentionally misleading to consumers, for any reason. Your company’s new name must also be completely unique, and not deceptively similar to any other organizations name or trademarks. Do a FREE name search now.

Board of directors requirements You will need to form an official board of directors when incorporating in Oklahoma. Here are the states explicit regulations regarding these directors:

• Required number of directors

  Oklahoma corporations must have at least one director listed in their incorporation documents.

• Age restrictions

  Directors of corporations located in Oklahoma can be of any age.

• Residence restrictions

  There are no residence restrictions imposed on the directors of C corporations in Oklahoma. However, S corporations are only allowed to have directors located in the United States.

• What information needs to be included in the Articles of Incorporation?

  Oklahoma does require the names and addresses of directors to be disclosed in incorporation documents.

Requirements for the Articles of Incorporation

The Articles of Incorporation is a document that must be filed during the incorporation process in every state. Here is the information that must be included in this document when filing in Oklahoma:

Stock information Oklahoma requires the number of initial shares outstanding, and their par value, to be disclosed during the incorporation process. The number of outstanding shares does not affect initial state filing fees.

Officer information The state of Oklahoma does not require officer information to be disclosed during the filing process.

Registered agent information All Oklahoma corporations must have a registered agent on file, and submit their name and address (which cannot be a PO box). This agent will be required to be accessible during standard business hours, and act as the state’s point of contact with the company. Learn more about registered agents.

Additional Oklahoma filing requirements

Many states have steps in the incorporation process that are unique to that state. These can also vary at the municipality or county level as well. Here are the steps required throughout all of Oklahoma:

Business registration filing All corporations in Oklahoma must file an official document called a “Business Registration Form” within 60 days of incorporating. This form should be filed with the Oklahoma Tax Commission.

If your business is a professional practice Professional service corporations are permitted to form under the professional corporation (PC) structure.

Corporate record keeping requirements

Corporations are required to keep formal documentation regarding several of their operations. These are the explicit record keeping formalities required by Oklahoma:

• A complete and comprehensive set of records of account

• Records that detail the owners, transfers, and class of all outstanding stock shares.

Oklahoma corporate taxation and fee requirements

There are several tax and fee requirements that must be addressed by corporations in Oklahoma. They are as follows:

Taxation All states have complex taxation requirements. For more information regarding taxes in Oklahoma, it is advised that you visit the state’s official business related website. 

Annual report requirements Corporations in Oklahoma are required to an Annual Franchise Tax Return by the first of July each year. This amount imposed by this tax is a function of the level of capital used or invested inside state borders. Learn more about annual reports.

Tax identification numbers Oklahoma requires an EIN (employee identification number) for all corporations that will have employees, and most banks will require one to open accounts. Oklahoma does not require corporations to obtain state tax ID numbers. Learn more about EINs.

Business license requirements

The business licenses and permits required in Oklahoma vary wildly depending on the county or municipality in which your new corporation is located. If you would like to see more in-depth information on licenses and permits, please feel free to visit the content in our learning library that covers business licenses and permits.

S corporation election Oklahoma does not require a state-level S corp election, as they recognize any elections held at the federal level.

Need an Oklahoma LLC instead? Click here.