Annual Reporting Requirements in Oklahoma
The state of Oklahoma requires all corporations, nonprofits, LLCs, and LPs to file returns or certificates annually. Requirements depend on the business structure. Corporations are not required to file an annual report but have other obligations based on capital. Some ongoing requirements exist for professional corporations. Out-of-state professionals can practice in Oklahoma if licensed.
- Nonprofits are exempt from filing annual reports in Oklahoma.
- All entities must have a registered agent and registered office address on record to maintain good standing.
- Filing on time avoids penalties like loss of naming rights and court access.
Filing Obligations for Different Entity Types
- Corporations: No annual report is required, but they must pay franchise tax based on capital.
- Limited Liability Companies (LLCs): Must file a $25 certificate by the anniversary of establishment to stay compliant.
- Limited Partnerships: Must file a certificate each year during the registration anniversary month.
Taxation and Compliance
- LLCs report income and losses on owners’ personal returns due to pass-through taxation.
- The franchise tax applies to corporations over $201,000 capital, with a maximum of $20,000.
- Oklahoma levies a franchise tax of $1.25 per $1,000 capital up to $20,000, with an additional $100 for foreign corporations.
- Tax forms are available from the Oklahoma Tax Commission, and tax deadlines depend on the chosen tax year.
Stay informed on requirements and due dates by checking the Oklahoma Division of Corporations website. Seeking legal advice can also provide guidance on properly filing annual reports, ensuring the continued success of Oklahoma businesses.