Planning to start a business in the great state of Oklahoma? One of the first things you’ll need to do is select a business name. But the process of choosing a business name is not as simple as stringing a few words together. This initial step of entrepreneurship requires that you follow a few rules.
Oklahoma won’t let you pick just any name for your business. You must first ensure that it is not already in use by another business in the state. This requires you to perform a business name search.
We’ll explain how a business search works and provide a few tidbits and tips to get your LLC off the ground in Oklahoma.
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How to check business name availability in Oklahoma
As mentioned above, you can’t just pick any name for an Oklahoma business. All business names must be unique as well as available for use. How do you find out if a certain name is available? Here’s how:
1. Go to the Oklahoma Secretary of State website
Visit the Oklahoma Secretary of State website to use a search tool to check name availability.
2. Select your search terms
To conduct the search, choose your desired business name. If you’re having trouble deciding between a few options, just start with one and keep the others in mind in case the first one is already taken.
3. Enter keywords
Next, just enter your desired business name into the search bar.
Leave off things like “LLC” or “Company” as they do not make a difference in a name’s availability and can be added later.
4. Run the search
If there’s a matching name in the database, the search will return results that show it.
You’ll see a list of names that have an exact match and similar matches. If there’s a match, even if there’s one that’s similar, that business name is considered taken.
Since Oklahoma law says no two businesses can have the same name, you’ll need to come up with a new name. And, keep in mind, you can’t make a small change to the name, like making a word plural, for example. Names must be different.
Keep using the search tool until you find a name that’s not in use.
5. Consider reserving a name
After running an Oklahoma business name search, you have two options: You can reserve a name or you can register the name. You should reserve the name if you aren’t planning to set up the business immediately.
Oklahoma allows business owners to reserve a name for 60 days for $10.
To do so, you’ll fill out a quick form linked above and provide the payment.
Again, you don’t need to reserve a name if you plan to officially set up your business with the state of Oklahoma, but if you’re just doing some homework and plan to set up your business later, reserve the name now so it’s not taken when you’re ready.
6. Check domain name availability
We created a tool that makes it easy.
How to name your Oklahoma business
Now that you know a little more about the business landscape in the state, it’s time to start generating a list of names for your business. To do so, follow these steps:
1. Write down basic details about your business
Start by creating a verbal picture of your business. Think about what your business will offer and who it will serve. Will you sell a specific product or service? Who’s going to buy it? Jot down a few details about your company as a starting point.
Next, start creating a list of adjectives that describe your business. Think in terms of keywords. What keywords would your customer use to find the product or service that you offer? Write them down.
2. Stay away from initials and hard-to-say words
There are plenty of businesses that include initials, like A&J Plumbing, but consider upping your game with something a bit more creative and descriptive.
The same goes for names that are hard to say. If your last name is Stackowaski, for example, it’s not conducive to a business name because it’s too hard to pronounce.
3. Don’t pigeon-hole your business
Be careful not to select a name that limits your company’s potential growth. Think about where your business will be in five, ten, even twenty years, and take that into consideration when creating a name.
A company named Bob’s Bargain Books, for example, is a good name, but what if they plan to sell vintage records and cassettes down the road? The name only refers to books, so when vintage music is added people won’t associate it with the store.
4. Consider using a name generator
At this point, you probably have a list of a few ideas. Rather than brainstorm a bunch of different combinations, why not try a name generator? You simply enter a few of the adjectives that you came up with into the search bar and you’ll get a list of possible names.
Name generators can take some of the hassles out of creating a name. Most name generators will only show you available names too, which is helpful.
Check out some of Namechk’s name generators below:
What kind of business structure is right for your Oklahoma company?
As you research available business names in Oklahoma, you’ll also want to think about what kind of business you want to establish. There are a handful of options to choose from, but some of the most common are Sole proprietorship and LLC.
- A sole proprietorship is ideal for small businesses with no employees that want to test their business out. There’s virtually no paperwork to set up this kind of business, which is a plus. However, a sole proprietorship is not a separate business entity, which means you’re financially and legally responsible for any problems that might arise.
- An LLC, or limited liability company, provides a certain amount of liability protection. Your personal assets and your business are separate with this business structure, which means if the business is sued or goes bankrupt, you will not be forced to use your personal cash reserves to bail the business out.
Steps to register your Oklahoma business
Ready to set up your business in OK? Here’s what you do:
1. File your Articles of Organization
Visit the Oklahoma Secretary of State website and fill out the Articles of Organization. To fill this out, you’ll need to have an available business name, address, and contact information.
2. Name a registered agent
You’ll also need to name a registered agent. A registered agent is the point-person for your company who will receive important documents like tax notices or legal documents.
A registered agent must be trustworthy and be available during regular business hours when documents are delivered. The business owner can serve as the registered agent in Oklahoma, or another person or company can be named.
You might decide to name your accountant or co-founder, for example. You can also hire a registered agent service to serve in this role. Northwest Registered Agent, ZenBusiness, and Bizee are a few examples. These companies will receive documents on your behalf and notify you of their arrival.
3. Pay the filing fee
Every state charges a filing fee to file LLC formation documents with the government. In Oklahoma, the cost is $100.
4. Wait for approval
Oklahoma will review your application and typically provides an approval within five business days. Once approved, your business is officially set up.
Our picks of the best registered agent services
Oklahoma small business facts
Before you start considering business name availability in Oklahoma, take a look at these small business statistics from the U.S. Business Administration:
- Oklahoma small businesses employed 710,271 people, or 52.2% of the private workforce, in 2017.
- The number of proprietors increased in 2018 by 1.8% relative to the previous year.
- Firms with fewer than 20 employees have the largest share of small business employment.
- Small businesses created 16,047 net jobs in 2019. Firms employing fewer than 20 employees experienced the largest gains, adding 10,167 net jobs. The smallest gains were in firms employing 100 to 499 employees, which added 2,041 net jobs.
- Private-sector employment decreased 10.6% during the 12-month period ending in April 2020. This was below the increase of 1.4% during the prior 12-month period.
- The median income for self–employed individuals at their own incorporated businesses was $46,916 in 2018. For self–employed individuals at their own unincorporated firms, median income was $24,988.
- In April 2020, the unemployment rate was 13.7%, up from 3.2% in April 2019. This was below the April 2020 national unemployment rate of 14.7%.
FAQs
To further help entrepreneurs, check out these frequently asked questions about starting a business in Oklahoma:
Why is it so important to check on business name availability?
Oklahoma will not allow two businesses in the state to have the same name. There are many reasons for this, but at its core, it’s to avoid any confusion. For example, if someone plans to sue Bob’s Fruit Stand and there are two of these companies in the state, things can get complicated quickly.
All businesses must have a unique name. And, you can’t just add a hyphen to a name to make it different. Each name must be “distinguishingly different.”
Does Oklahoma have an annual LLC Tax?
No. No annual LLC taxes are collected in Oklahoma.
Your entity status online reads as “Terminated” or “Expired.” What does this mean?
It means the LLC or LP is not in good standing with the State of Oklahoma due to a late Annual Certificate. Annual Certificates are due on the formation date of the entity each year, and a 60 days grace period is given to file them. After 60 days if there has been no Annual Certificate filed, the entity becomes inactive and not in good standing.
How can you get your entity reinstated or back in good standing?
The forms to reinstate may be downloaded from the Secretary of State’s website. Scroll down to the forms listed under the respective entity type and the forms are listed there. A Reinstatement form has no fee but must be included anytime an entity is inactive, and an Annual Certificate form is required for each year past due.
Does Oklahoma require an operating agreement?
No, an operating agreement is not required. But it is a good idea to have one anyway to help avoid potential legal disputes that could come up down the road.
Are there financial assistance programs for startups in Oklahoma?
Yes, there are financial assistance programs for startups in OK. There are some great tax incentives and reduced tax rates available in Oklahoma as well.
How do you get a federal employer identification number (EIN)?
The federal EIN isn’t just for businesses with employees. Your accountant may recommend that you establish an EIN for your business and your bank may require one to set up business banking accounts and services.
All employers must obtain a Federal Employer Identification Number, so if you will have employees, you must file for an EIN.
File for a Federal Employer Identification Number with the Internal Revenue Service.
Do you need a sales tax permit in Oklahoma?
Yes. One of the most common permits is the sales tax permit. It is required for retailers, resellers, or others that sell tangible property on an ongoing basis. You can obtain a sales tax permit from the Oklahoma Tax Commission.
Can you file a “doing business as” (DBA) in Oklahoma?
Yes. A DBA is referred to as a Trade Name in Oklahoma. To file a trade name business, complete the Trade Name form. A fee of $25 will be required to file.
How do you dissolve a business in Oklahoma?
To dissolve a business in Oklahoma, fill out the Articles of Dissolution form. The cost of filing this form is $50. Why should you dissolve the business? A business that isn’t officially dissolved will still be responsible for filing annual reports and paying the filing fee.
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