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Disadvantages of creating an LLC Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Transferable ownership. Ownership in an LLC is often harder to transfer than with a corporation.
When filing by mail, your Oklahoma LLC will be approved in 7-10 business days. Your LLC approval will arrive in the mail and youll receive 3 things: a stamped and approved copy of your Articles of Organization, a receipt, and a more official document, known as a Certificate of Organization.
An LLCs simple and adaptable business structure is perfect for many small businesses. While both corporations and LLCs offer their owners limited personal liability, owners of an LLC can also take advantage of LLC tax benefits, management flexibility and minimal recordkeeping and reporting requirements.
The following are some of the key risks to consider: Loss of Limited Liability. Although an LLC enjoys limited liability, poor practices could result in an LLC losing its liability shield. Difficulty Obtaining Investors. Pass-Through Taxation.
To maintain an LLC in Oklahoma you will need to pay an annual fee of $25 along with state sales use tax at 4.5%, state income tax at 0.5% to 5.25% and federal taxes.
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The State of Oklahoma, like almost every other state, has a corporation income tax. In Oklahoma, the corporate tax is a flat 6% of Oklahoma taxable income. If your LLC is taxed as a corporation youll need to pay this tax. The states corporate income tax return (Form 512) is filed with the Oklahoma Tax Commission.
Disadvantages of creating an LLC States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees. Check with your Secretary of States office. Transferable ownership. Ownership in an LLC is often harder to transfer than with a corporation.
The benefits of starting an LLC in Oklahoma: Separates and protects your personal assets from your business liability and debts. Quick and simple filing, management, compliance, regulation and administration. Easy tax filing and tax treatment advantages. Low filing fee ($100)
12 Steps for starting an Oklahoma LLC Choose an idea for your LLC. Name your Oklahoma LLC. Create a business plan. Get a federal employer identification number (EIN) File your Oklahoma articles of organization. Choose a registered agent in Oklahoma. Obtain business licenses and permits.
Single member LLCs are treated the same as sole proprietorships. Profits are reported on Schedule C as part of your individual 1040 tax return. Self-employment taxes on Oklahoma LLC net income must be paid just as you would with any self-employment business.

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