A series LLC in Oklahoma is a form of LLC that offers its owners and members unique liability and tax advantages. The series LLC is made up of a master LLC and one or more sub-series that branch out of it.
It is not difficult to establish your own Series LLC in Oklahoma. It’s easy with our step-by-step instructions!
Identify Your Series LLC
Select a Registered Agent and file the Articles of Incorporation.
Make an Operating Agreement for a Series LLC.
Get an EIN.
An illustration of how a series L L C permits its members to split a “parent” L L C’s assets and activities into a number of “child” series.
Step 1: Identify Your Oklahoma Series LLC
You should know the answers to the following questions before naming your series LLC:
What are the rules for naming an LLC series?
What are the standard name guidelines for a series LLC?
Is the name of my company accessible in Oklahoma?
Is my company name accessible as a URL, and if yes, how can I get it?
1. Series LLC name regulations differ per state. When name your series LLC in Oklahoma, you are just obliged to follow typical LLC naming regulations.
Follow the Oklahoma LLC Naming Regulations:
The word “limited liability corporation” or one of its acronyms must be in your name (LLC or L.L.C.).
Your LLC’s name cannot include terms that may be confused with a government organization.
Restricted terms (e.g., bank, attorney, university) may need extra documentation and the participation of a licensed professional, such as a doctor or lawyer, in your LLC.
2. There are also basic suggestions for making the titles of your series more identifiable, standard, and unambiguous.
Consider the following suggestions for naming a series LLC:
Include the phrase “protected series” in the name of each organization.
The parent LLC should be named in a manner that differentiates it from the kid series.
Include the parent LLC’s entire name in the name of each kid series.
The name of the asset should be included in the name of the kid series. This gives the public and creditors a better view of the assets.
3. Is the name of my company accessible in Oklahoma? Do a name search on the State of Oklahoma’s website to ensure that the name you choose isn’t already used.
Is my company’s name accessible as a URL? We propose that you investigate if your company’s name is accessible as a web domain. Even if you don’t intend to create a company website right away, you may wish to purchase the URL to prevent others from doing so.
Step 2: Select a Registered Agent for Oklahoma Series LLC.
You must name a Registered Agent for your Oklahoma series LLC. The parent LLC’s Registered Agent must be the same for each child series.
What exactly is a Registered Agent? A registered agent is a person or corporation that agrees to deliver and receive legal documents on your series LLC’s behalf. Service of process of legal action (if you are sued) and state filings are examples of such paperwork.
Who is eligible to be a Registered Agent? A registered agent must be an Oklahoma citizen or a company allowed to do business in Oklahoma. You may choose someone from your organization, even yourself.
Step 3: File the Articles of Incorporation.
You must submit the Articles of Organization with the State of Oklahoma to register your LLC. This may be done online or in the mail.
On the Articles of Organization form in Oklahoma, there is no area to mention that you are forming a series LLC. To properly specify your series LLC, your attorney may want to attach an amendment.
The filing fee for the Articles of Organization is $100.
Step 4: Draft an Operating Agreement for a Series LLC.
When founding a series LLC in Oklahoma, an operating agreement is necessary. The operating agreement does not need to be submitted to the state.
What exactly is an operating agreement? An operating agreement is a legal document that outlines an LLC’s ownership and running processes.
Why are operating agreements necessary? The operating agreement for a series LLC is crucial since it sets the liability restrictions (asset protection) of the individual series. Without a defined framework, the courts may not sustain the series’ protection.
Step 5: Get an EIN
What exactly is an EIN? A corporate entity is identified by its Employer Identification Number (EIN) or Federal Tax Identification Number. Each of your series LLC’s offspring series will need an EIN.
Why do I need an EIN? An EIN is necessary for the following activities:
To establish a commercial bank account for the firm
In terms of federal and state taxation
To recruit workers for the firm
How can I get an EIN for my LLC series? The IRS does not have precise procedures for obtaining an EIN for a series LLC’s child series. For each additional EIN, experts recommend using the name of your series LLC combined with the name of the child series.
Where can I obtain an EIN? After forming the company, the business owner obtains an EIN from the IRS (free of charge). This can be done online or through the mail.