How to Dissolve an LLC in Oklahoma? (Step by Step Guide)
If you have an Oklahoma limited liability company (LLC), you may want to dissolve the entity because the business has been completed, termination of a project, or personal decisions.
Whichever the reason, there are steps you need to follow to dissolve your business legally.
As a seasoned business consultant myself, I am in the position to provide insights on the ways to dissolve an Oklahoma LLC. The article is backed with consultation from legal representatives and LLC specialists in the state.
Quick Summary
- To dissolve an LLC in Oklahoma, consult the operating agreement and follow state requirements.
- An Oklahoma LLC should settle all debts and obligations and file Articles of Dissolution.
- Wind up all remaining concerns that relate to the business.
How Do I Close My Business in the State of Oklahoma?
To close your business in the State of Oklahoma, you will need to notify all members, creditors, and other interested parties about the dissolution. You can do this by sending a notice by certified mail or publishing a notice in a local newspaper.
1. Follow Your 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 if the business is no longer desired.
2. Settle All Debts and Obligations
Before you dissolve your Oklahoma LLC, settle all business debts and obligations. This includes any money owed to creditors, vendors, suppliers or any party that extended loans and credit to the company. After that, distribute the remaining assets from business accounts to the LLC members.
You also need to close your business tax accounts and pay off all your Oklahoma LLC taxes. Once all debts and obligations have been paid, you can proceed with the process of dissolving an LLC.
3. File Oklahoma LLC Articles of Dissolution
File Articles of Dissolution with the Secretary of State and pay the corresponding fees [1]. 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 the dissolution
- The signature of an authorized representative
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 through the Oklahoma LLC operating agreement.
After Dissolving Your Oklahoma LLC
After dissolving your Oklahoma LLC, cancel any business licenses or permits that have been issued to the company and close any business bank accounts registered 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.
Related Articles:
- How to Open an LLC in Oklahoma
- How To Look Up an LLC In Oklahoma
- Best Registered Agents in Oklahoma
- Top LLC Formation Services in Oklahoma
FAQs
How Much does it 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.
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 no longer operate as a business or engage in any contracts.
Dissolving an LLC in Oklahoma
Dissolving an LLC in Oklahoma is not a difficult process, but there are specific legal steps that have to be accomplished. It includes steps beyond the Oklahoma Secretary of State. It is always your option to employ an online service provider to assist you with the process.
IncFile is one of the companies that can expertly handle filing the articles of dissolution on behalf of your company. With our extensive collaboration with the company, we attest to their efficiency and professionalism.
References:
- https://eminutes.com/wp-content/uploads/2011/12/FM0080.pdf
