*Please note that this article is written based on the laws and regulations applicable in Oklahoma as of 2023.*
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Introduction
Forming a professional corporation (PC) is a common choice for professionals who want to establish a business entity in Oklahoma while maintaining liability protection. Professional corporations are often used by individuals in fields such as accounting, law, healthcare, and architecture. This guide aims to walk you through the process of forming a professional corporation in Oklahoma in 2023, ensuring compliance with the state's legal requirements.
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Step 1: Choosing a Corporate Name
Selecting an appropriate and unique name for your professional corporation is crucial. The name must comply with the requirements outlined by the Oklahoma Secretary of State. To check the availability of your desired corporation name, you can visit the Secretary of State's website and use their business entity search tool.
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Your professional corporation's name must end with a variation of "Professional Corporation" or an approved abbreviation, such as "P.C." or "PC." Once you have chosen a name, you can reserve it for 60 days by filing a Name Reservation Application with the Secretary of State.
Step 2: Drafting and Filing Articles of Incorporation
Writing and filing Articles of Incorporation is the next step in forming your professional corporation. These articles include essential information like the corporation's name, purpose, registered agent, directors, and shareholders. In Oklahoma, you can download a template from the Secretary of State's website or hire an attorney to draft the articles for you.
The completed Articles of Incorporation must be filed with the Oklahoma Secretary of State's office along with the required filing fee. As of 2023, the filing fee for a professional corporation is $100.
Step 3: Creating a Professional Corporation Bylaws and Minutes
After the Articles of Incorporation are filed and approved, it is important to develop bylaws to govern the operations of your professional corporation. Bylaws outline the rules and procedures for important corporate activities such as shareholder and director meetings, powers and duties of officers, and the decision-making process.
Simultaneously, it is recommended to hold an initial organizational meeting with all directors and shareholders, during which minutes are taken. These minutes should document the resolutions passed, officer appointments, and any other important decisions made during the meeting.
Step 4: Obtaining Licenses and Permits
Depending on your profession and the nature of your business, you might need specific licenses or permits to operate legally in Oklahoma. Professional certifications, such as licenses for doctors or attorneys, will likely be required even if you have formed a professional corporation. Ensure that your professional corporation meets all the necessary licensing and permitting requirements mandated by the relevant state licensing boards.
Step 5: Applying for an Employer Identification Number (EIN)
An Employer Identification Number (EIN), also known as a federal tax identification number, is obtained from the Internal Revenue Service (IRS) and is essential for your business's federal tax purposes, opening bank accounts, and hiring employees. You can apply for an EIN by completing Form SS-4 online via the IRS website. There is no filing fee for obtaining an EIN.
Step 6: Registering for State and Local Taxes
To meet your professional corporation's tax obligations in Oklahoma, you must register with both the Oklahoma Tax Commission (OTC) and the local taxing authorities, such as the county and city of operation. The OTC is responsible for various taxes, including income taxes and any applicable sales/use taxes. The specifics of your taxation requirements depend on the nature of your professional corporation and the services provided.
Additionally, you should obtain any necessary permissions to collect and remit sales taxes, if applicable to your business.
Conclusion
Forming a professional corporation in Oklahoma is a multi-step process that requires attention to detail and compliance with state regulations. Following the steps outlined in this guide, including choosing a proper name, drafting and filing Articles of Incorporation, creating bylaws, obtaining licenses/permits, applying for an EIN, and registering for state and local taxes will set your professional corporation on the right path towards stability and success. It is recommended to consult with legal and tax professionals to ensure all requirements and obligations are met appropriately.
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