Starting an S-corp in Oklahoma can be a great option for small business owners looking to protect their personal assets while enjoying tax benefits. If you're looking to start an S-corp in Oklahoma, there are several important steps you will need to take to get started.

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What is an S-corp?

An S-corp is a specific kind of corporation that provides the same level of personal asset protection as a standard corporation, but also allows the business to enjoy certain tax benefits. S-corporations are not subject to federal income tax, and instead function as a pass-through entity. This means that the business's income, deductions, and credits are passed through to individual shareholders, who report the income on their personal tax returns.

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Step 1: Name your S-corp

The first step in starting an S-corp in Oklahoma is to name your business. Your business name must follow certain guidelines to be approved by the state. It must not be too similar to the name of an existing Oklahoma business, and must not contain terms that imply the business is a government entity.

Step 2: Choose your registered agent

All S-corporations in Oklahoma must have a registered agent who is responsible for receiving service of process and other legal documents on behalf of the business. This agent must be located within Oklahoma and must be available during normal business hours to receive and forward important documents.

Step 3: File articles of incorporation

To formally establish your S-corporation in Oklahoma, you will need to file articles of incorporation with the Oklahoma Secretary of State. These documents will include information about your business name, registered agent, and initial shareholders, as well as details about your business's purpose and structure.

Step 4: Obtain an EIN

Every S-corporation must obtain an Employer Identification Number, or EIN, from the IRS. This number is used to identify your business for tax purposes. You can easily obtain an EIN online by visiting the IRS website.

Step 5: Create your corporate bylaws

Once your S-corporation is officially established, you will need to create your corporate bylaws. These documents will establish the rules for how your business will operate, including details about meetings, elections, and how decisions are made.

Step 6: Register with the Oklahoma Tax Commission

Any S-corporation doing business in Oklahoma must register with the Oklahoma Tax Commission. This process allows you to obtain any necessary permits and pay any applicable taxes related to your business activities.

Step 7: Elect S-corp status

To officially elect S-corp status with the IRS, you will need to file Form 2553. This document must be signed by all of your business's shareholders, and indicates that your business meets the criteria for S-corp status.

Conclusion

Starting an S-corp in Oklahoma can be a complex process, but it's an important step in protecting your personal assets while enjoying certain tax benefits. By following the steps outlined above, you can officially establish your S-corporation and begin conducting business in Oklahoma with confidence.

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