If you have an Oklahoma limited liability company (LLC) and want to dissolve it, there are a few things you need to do. The first step is to terminate the LLC's existence by filing a Certificate of Termination with the Oklahoma Secretary of State.
You will also need to review the LLC Operating Agreement for dissolution rules. Finally, make sure that all debts and obligations of the LLC have been paid off or discharged. This article will tell you more about dissolving an LLC in Oklahoma.
Oklahoma LLC Operating Agreement
An LLC Operating Agreement is a legal document that sets forth the rules and regulations for your limited liability company. This agreement should be in writing and signed by all LLC members.
The operating agreement should include provisions for dissolution, which will outline how the LLC will be dissolved in the event that it is no longer operational.
Discharge All Debts and Obligations
Before you can dissolve your LLC, you must first discharge all business debts and obligations. This includes any money owed to creditors, vendors, suppliers, or any other third parties. You will also need to pay off any loans or lines of credit that have been extended to the LLC.
You also need to close your business tax accounts and pay off all your taxes. Once all debts and obligations have been paid, you can proceed with the process of dissolving an LLC.
File Oklahoma LLC Articles of Dissolution
The next step in dissolving your LLC is to file Articles of Dissolution with the Oklahoma Secretary of State along with the filing fees. This document officially terminates the legal existence of your LLC.
You will need to include the following information in the Articles of Dissolution:
- Your Oklahoma business name
- The dissolution effective date
- The reason for dissolution
- The signature of an authorized person
Note that the dissolution process usually takes 3-5 business days after filing. After the Articles of Dissolution have been filed, you will need to notify all LLC members, creditors, and other interested parties that the LLC has been dissolved. You can do this by sending a notice by certified mail or publishing a notice in a local newspaper.
Once you have taken all of these steps, you are formally terminating your LLC's status as a business entity. If you want to dissolve an Oklahoma LLC, it's also better to consult an attorney from a reputable law firm to guide you in dissolving your LLC.
After Dissolving Your LLC
Once your LLC has been dissolved, you will need to take care of a few final tasks. First, you will need to cancel any business licenses or permits that have been issued to the LLC. You will also need to close any bank accounts in the name of the LLC.
Finally, you will need to remove the LLC from any leases or contracts to which it is a party. Once you have taken care of all of these final tasks, the dissolution of your LLC will be complete.
FAQs
What Is the Cost to Dissolve an LLC in Oklahoma?
The cost to dissolve an LLC in Oklahoma is $50 online. You can find the forms to do so on the Oklahoma Secretary of State's website. Your LLC will be officially dissolved once you've completed and submitted the forms.
What Does It Mean When an LLC Is Dissolved?
When an LLC is dissolved, it is no longer a legal entity. This means that the company can't enter into any contracts, file lawsuits, or do anything else that would require legal representation.
Dissolving an LLC in Oklahoma: Conclusion
Dissolving an LLC in Oklahoma is not a difficult process, but there are a few steps that you need to take. By following the steps outlined in this article, you can dissolve your LLC quickly and efficiently.
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