Starting an LLC in Oklahoma is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Oklahoma: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
Quick Tip
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Oklahoma. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Oklahoma will require from you:
- Legal name of the LLC
- Address for the LLC
- Your business’s filing number (assigned by the Secretary of State)
- Date you formed your business
- Principal office address
- Primary contact person’s email address (in case there are questions with the form)
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report each year, your gut might tell you to head to the Secretary of State’s website. And that’s a good instinct. The Secretary of State handles a lot of filings for Oklahoma businesses.
More specifically, you’ll want to head to the Online Filings page on the Secretary of State’s website. There, you’ll find links for trade names, foreign registrations, and of course, annual certificates. Please note that Oklahoma calls it an Annual Certificate, not an annual report. There’s no difference between the two; they’re just different names for the same form.
If you’d rather file by mail, you can download the pdf version of the annual certificate, print it, and send it in once you’ve completed it. Alternatively, if you live close to the office in Oklahoma City, you can drop it off in person.
The annual certificate isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire an Oklahoma LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Oklahoma’s Annual Certificate cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. Oklahoma, however, keeps the filing fees very manageable: you’ll pay just $25 per year. How you file will also dictate how you pay. If you file online, you’ll need to pay using a credit or debit card. Mail-in filings should pay by check or money order.
When is the Annual Certificate due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Oklahoma, the annual certificate fits its name; you’ll file every year.
More specifically, every LLC will need to file its annual certificate by its anniversary date. For example, if you filed your Articles of Organization on April 10th of 2022, you’d need to file your annual certificate by April 10th of 2023.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
More importantly, though, if you go 60 days without filing your annual certificate, you’ll lose your status in the state. The state won’t grant you a certificate of good standing, which is vital for certain business functions and legal proceedings.
Worse, if you don’t file your certificate for three years in a row, the state will administratively dissolve your LLC. Long story short, they’ll shut down your business by force. Getting reinstated is a big hassle, so we recommend avoiding the trouble completely by filing on time each year. You’ll save yourself a lot of time and money.
Conclusion
Quick Tip
Maintaining an Oklahoma LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.