Oklahoma Corporation

Limited Liability Company Formation Package - Oklahoma

Prepared by U.S. Legal Forms, Inc.

Copyright - U.S. Legal Forms, Inc.

Control Number: OK-00LLC

The contents of this package are as follows:

1. Statutory Reference

2. Introduction

3. Forms List

4. Notes on Downloading the Forms

5. Notes on Completing the Forms

6. Instructions and Steps

7. Accessories

8. Sample Ledger and Certificate

9. Disclaimer

Statutory Reference

Oklahoma Statutes, Title 18: Corporations, can be viewed at this link:

http://www.oscn.net/applications/oscn/index.asp?ftdb=STOKST18&level=1

Oklahoma Limited Liability Company Act: Title 18, Section 2000-2060

Introduction

Created by state statutes to encourage business activity, a limited liability company (LLC) is a “hybrid” type of business organization, with characteristics of both a partnership and a corporation and many of the advantages of both.

Like a corporation, the limited liability company is a legal entity separate from its owners who are known as “members.”

FLEXIBILITY

A limited liability company generally has fewer legal formalities to observe than a corporation, and is simpler to create and maintain. The ownership and management of an LLC is more flexible than a corporation and very closely resembles that of a partnership.

IRS rules now allow an LLC to choose between being taxed as a partnership or as a corporation. If an LLC has more than one member, the relationship between those members is governed by a written operating agreement.

LIMITED LIABILITY

In most cases, only the LLC is responsible for the company’s debts and the members are protected from being individually liable. Some exceptions apply if a member personally injures someone, guarantees a debt, fails to deposit taxes, commits fraud, or treats the LLC as a personal extension.

TAXATION

Many tax benefits are available to LLCs and members including “pass through” tax treatment of profits and losses and flexible allocation of profits and losses to different members.

DISADVANTAGES

An LLC does not allow ownership to be transferred through sale of shares in the same way as corporate stock ownership allows. In many jurisdictions, ownership interest may only be transferred with the consent of a majority of the other members.

An LLC may abruptly cease to exist unless the articles of organization or operating agreement provide otherwise.

FORMATION

Not all businesses can operate as LLCs. Banking, trust, insurance, and some professional businesses may be prohibited or require a different entity type.

Forms List

The following forms are available for download with this package:

• OK-NAMERESV: Application for Reservation of Entity Name

• OK-00LLCT: Articles of Organization

• OK-LLC-TL: Sample Transmittal Letter

• OK-00LLC-1: Sample Operating Agreement (Multi-Member LLC)

• OK-00LLC-2: Sample Operating Arrangement (Single-Member LLC)

• US-IRS-SS-4: Application for Federal Tax Identification Number & Instructions

• OK-2222LLC: Sample LLC Notices & Resolutions

Notes on Downloading the Forms

In order that we can provide you with the most up to date forms at all times, all forms are located on our servers for you to download, complete and print.

You will have six days during which you can return to the forms download page to download the forms again if needed.

Notes on Completing the Forms

The forms in this package may be available in Adobe Acrobat (“.pdf”) and/or Microsoft Word (“.doc”) format.

Some forms may be “locked” which means that the content of the forms cannot be changed unless the form is unlocked.

If you experience problems, please let us know.

Steps to form LLC

Step 1: See FORM: OK-NAMERESV — Application for Reservation of Name

It is recommended that you reserve a LLC name in order to assure that your Articles of Organization are not rejected because the name you have selected is not available.

LLC Name to Reserve:

Limited Liability Company

Applicant Name:

Applicant Address:

Step 2: See FORM: OK-00LLCT — Articles of Organization

Once you have reserved the limited liability company name, or if you have chosen to proceed without reserving a name, you are ready to complete the Articles of Organization.

LLC Name:

Principal Business Address:

Registered Agent Name:

Registered Agent Address:

Duration:

Organizer Name:

Organizer Address:

Date:

Step 4: Complete an Operating Agreement

Company Name:

Member Names and Addresses:

Step 5: Apply for a Federal Tax Identification Number

Federal Tax ID / EIN:

Step 6: Open a bank account and conduct business.

Accessories

U.S. Legal Forms, Inc. offers the following LLC accessories:

LLC Seal

Request LLC seal

Membership Certificates

Order membership certificates

Sample Ownership Ledger and Simple Membership Certificate

Ownership Ledger

Member Name and Residence Address:

Date of Transfer:

% Ownership:

Amount Paid:

Subsequent Transfer:

Membership Certificate No.:

Percentage:

Member Name:

Company Name:

Issue Date:

Authorized Officers:

Disclaimer

THESE MATERIALS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND.

If you are not an attorney, you are advised to seek the advice of an attorney for all serious legal matters.

All use is subject to the U.S. Legal Forms, Inc. Disclaimer and License.