One of the reasons people form an Oklahoma limited liability company is for legal protection for themselves, their assets and their families. There is however a very simple way to put a chink in the armor of some of this protection and it comes from not performing a basic activity.
Oklahoma law requires that limited liability companies file an annual report with the Oklahoma Secretary of State once each year. (You can find the document here). The report is very simple, it’s about a page and you have to pay a $25 fee. If you do not file the annual report prior to the deadline, the Oklahoma Secretary of State will usually change your limited liability company status from active to inactive.
The change in status can mean that the owners of the limited liability company are subject to individual liability for the time the company is an active. The Secretary of State normal e-mails the annual reports out several months in advance of when they are due to the primary business address for the limited liability company. A couple of things I recommend doing:
1. Check the Oklahoma Secretary of State’s website to make sure that your limited liability company is active.
2. If it is not active, take the necessary steps to bring it back to active status as soon as possible.
3. When you receive the annual report form, just take a few minutes to fill it out and send it in or fill it out online.
If you appreciate this post, would you help me with something?
Please share this post on one of the social networks you use. See those buttons below? (Twitter, Facebook, Linkedin). Just click on one of them and you can let your friends know about this issue and help me out greatly. Thank you.
No problem Chris, it is really simple thing, but most people are focused on running their business, which totally makes sense.
Thanks for the reminder Shawn!