Setting up an LLC

[mad4osu]

Going to set up and LLC for a portion of my business that is 1099 income. Is there any one approach that is simpler and more cost effective than another? Any advice is appreciated.

 

[GoPokes43]

In Oklahoma? If so, you can use the forms provided by the state and prepare the articles of organization yourself and file it with the state: https://www.sos.ok.gov/business/forms.aspx

You'll also need an operating agreement (also called a limited liability company agreement). Assuming you are the sole member, you can probably find a simple single member LLC agreement online and use it. Not a lot that you can screw up in a single-member LLC context.

If you are going to have other members, I would recommend having an attorney help because there will be a lot of ownership, governance and tax considerations to address.

 

[mad4osu]

Thank you very much. Once filed is there a renewal that needs to take place on an annual basis?

 

[GoPokes43]

Thank you very much. Once filed is there a renewal that needs to take place on an annual basis?

Probably an annual report and possible franchise tax filing. I'm not familiar with OK law and requirements (just DE and TX).

 

[OrangePhish]

Thank you very much. Once filed is there a renewal that needs to take place on an annual basis?

Yes. If I remember correctly, the annual fee is $25.