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OKVetWorks August 2022 Inside this Issue

Purple Heart Day

11 Tips for Successful Business Networking

How to Form an Oklahoma LLC

File Your Oklahoma Annual Report

Newsletter

When looking through this issue of our newsletter I hope you find business tips and other information that helps you along your entrepreneurial journey.  I know, as a business owner myself, I find things that always stir up an interest and more knowledge with each article I read.  

CONGRATULATIONS Oklahoma Veteran Owned Businesses on being the #6 in the nations for business.  Number 3 being Oklahoma City and Tulsa being #11.  One thing that make me proud is that Texas was not even in the top 15!  We are doing better than Texas!!!

Be sure and sign up to today to attend the conference in September.  Seating is limited.  The conference is free and meal are included!  Don't miss this opportunity to learn more about how to run a business and networking with your peers!  

The continued gain of interest in the OkVetWorks program is exciting!  We have numerous sponsors for our "Making the Connection" conference in September and we are gaining partners throughout the country to assist our Oklahoma Veterans be more successful in business.  More on our latest partner coming soon!    

I really am excited about everything that has been going on and especially the things coming up!  

We have now held several Boots to Suits classes with 53 participants, Boots to Business classes with 121 participants and so much more!

I received a call the other day from an SBA partner agency asking if I had seen an article where Oklahoma was ranked low for small businesses.  At the same time they called I had, literally, just out out the graphic below showing that Oklahoma Is doing VERY well when it comes to #VeteranOwnedBusiness. 

 

Considering the fact that the agency that called works directly with only Veteran Owned Businesses he made the statement, "It looks like Oklahoma Veteran are doing their part and so is ODVA for assisting them."  What a great compliment for Oklahoma VOBs!

Purple Heart Day is observed on August 7 each year and is a time for Americans to pause to remember and honor the brave men and women who were either wounded on the battlefield or paid the ultimate sacrifice with their lives. Purple Heart Day is also known as National Purple Heart Day, Purple Heart Recognition Day and Purple Heart Appreciation Day.The holiday was first observed in 2014, is considered an unofficial observance meaning that businesses, government offices etc. do not close on this day.How Purple Heart Day is Observed

 States, Counties, and Cities pause in recognition of the service and sacrifice of their local sons and daughters as do sports and entertainment entities.

Major League Baseball teams pay homage to their local Purple Heart recipients during special pre-game and 7th inning ceremonies.
Veteran and military organizations hold remembrance meetings for fallen heroes and special events to thank soldiers, veterans, and Purple Heart recipients on this day.The Purple Heart Foundation, the fundraising arm of the Military Order of the Purple Heart, recommends donating time and money to the foundation or to other organizations working with Purple Heart recipients.People take the time to listen to soldiers and veterans and learn more about their life stories and their military service.American flags are flown at homes and businesses. AUGUST 7

PURPLE HEART DAY

Employer Training!

11 Tips for Successful Business Networking

Business networking involves making connections not only with likely customers or clients, but also with other individuals who might refer business to you or mention your name in some positive way to people they know. 

Although many people associate networking with asking for favors, successful networkers know that networking is not all about them. Networking in business is about creating trusting relationships and friendships with other business people.

A key part of effective networking is helping other business people with their needs. That’s why you’ll find that the best networkers are often connectors who help others by referring customers, providing testimonials, or helping to promote events and other businesses in some way.

Of course, networking isn’t just about building relationships. Meeting and interacting with other industry professionals also enables you to continue your education. While you might not have time to attend a seminar or certification course, grabbing coffee with a business connection helps you stay abreast of new developments and practices in your field. You can bring these trends back to your current company or use what you learned to better your chances of landing a new position. 

11 Tips for Networking Success

Don’t wait until your marketing funnel is empty to start networking. If you want to build a robust business, you should get out there and make connections today. Check out these 11 networking tips sure to expand the number of opportunities that come your way.

1. Attend business networking events

The first step in successful networking is knowing where to go to make connections. While almost any activity or event can serve as a networking opportunity, small business owners and professionals with local businesses can benefit from attending local business events.

For example, your city’s chamber of commerce might host gatherings for people in your industry. Additionally, it’s worth hitting up meetings for professional associations and societies related to your field.

2. Choose a goal

It’s hard to get what you want out of your networking endeavors if you don’t start with a clear agenda. Before attending meetings or events, determine what your goals are for the experience. For example, you might want to make new connections, donate your time to the community, or simply learn about the latest developments in your business or industry.

3. Get social in your off-hours

Just because you’re off the clock doesn’t mean it’s time to stop networking. If you want to expand your reach, try to chat with attendees at your health club or pilates class. You can even make business connections at your child’s school activities and sports events. After all, parents are typically looking for something to chat about besides what’s happening on the soccer field! 

4. Know your worth

It’s not enough to provide your clients with a great product or service. If you can’t articulate what it is you do, then you can’t hope to convey that information at networking events. Whether your goal is to generate referrals or simply build your virtual Rolodex for the future, take time to generate an elevator pitch that conveys what you do, for whom you do it, and why customers should choose you over your competition. 

5. Identify conversational icebreakers

If you want to overcome initial awkwardness and make a good first impression, consider opening with a compliment. For example, you might tell the person sitting next to you at a seminar that you like their shoes or tie. Similarly, asking a question gives contacts the chance to talk about themselves. Ask how they got into the field or what they think of a recent development affecting your industry.

6. Bring a buddy

Sometimes starting conversations with strangers is easier if you have a familiar face by your side. If you have a friend or coworker who’s also looking to expand their network, consider attending professional events as a twosome. Just be sure you make an effort to connect with other attendees rather than sitting in the corner chatting the whole time.

7. Overcome introversion

If you’re naturally shy, having success in networking can be a challenge. Fortunately, there are some strategies for overcoming introversion and making connections.

First, consider brainstorming icebreakers before a networking event, so you don’t have to come up with ideas on the spot. Second, feel free to take a breather if you get overwhelmed. Go to the restroom, take a walk, or grab a coffee. You can return to the room refreshed and ready to meet new people.

8. Find a reason to follow up

Making connections is only half the battle; you also have to take steps to keep the relationship going. Even if you aren’t currently job hunting, strive to reach out to your contacts a few times a year to follow up. You could forward a relevant article, invite them to a seminar or conference, or even just send a friendly note during the holidays. 

Of course, being successful in networking is about more than what you do. It’s also about what not to do. The rest of this list features tactics to avoid if you want to boost your business connections.

9. Don’t be negative

When searching for conversation starters, avoid speaking negatively about former companies or coworkers. After all, you don’t want potential contacts thinking you’d say bad things about them given the opportunity. 

10. Don’t be selfish

Whether you’re chatting at a chamber of commerce event or attending an informational meeting, it’s important to remember that networking is about give and take. If you’re always the person asking for favors, the relationship is unlikely to last. For best results, look for opportunities to help your networking contacts prosper in their own careers. 

11. Don’t be afraid to ask for what you want

We all need help now and again. If you want your networking efforts to be a success, you have to be bold enough to ask for assistance. Before attending that next meetup or seminar, make sure you can articulate what it is that you’re seeking. Then, when someone asks how they can help you, tell them the truth.

Name  Your Oklahoma LLC

Chose a great name for your new company.  Check to make sure there are no other businesses with that name in Oklahoma and that it aligns with the state's laws for LLC names.

File Certificate of Formation

This makes your LLC official!  Once your paperwork is approved, and fees are collected, you are officially the owner of a limited liability company.  

Apply for an EIN

An Employee Identification Number (EIN) registers your business with the federal government and helps you open a business bank account, get financing, and hire employees.  You can get one from the IRS website yourself.  

Appoint a Registered Agent

Oklahoam requires that you have a registered agent available to receive important correspondence and legal notices in person.  You can be this agent.

Create an Operating Agreement

An Operating Agreement may be the most important document for your LLC.  It establishes the rules for operating your company and gives it further legitimacy.  There are many templates available for creating this document.  

New LLCs and corporations experience a number of milestones, including writing your business plan, making your first sale, and more. During your first year, this also includes the right state compliance paperwork.

Filing this paperwork is important because it helps you remain in good standing with the state. If you fail to file, you could face administrative dissolution, costly late fees, and even the loss of your business structure and liability protection.

In the state of Oklahoma, reporting is straightforward for LLCs, but is more complicated for corporations. It’s typically done through the Oklahoma Secretary of State’s website. Here’s a complete guide to filing your annual report in the Sooner State.

What is an Oklahoma annual report?

Annual reports in Oklahoma are called annual certificates, and their main purpose is to tell the state that your business is still active and give them updated contact information. This includes your business’s street address and main contact’s email address. You can file your report online or you can do it by mail. 

Annual certificates are a requirement for:

Limited liability companies (LLCs)Limited partnerships (LPs)Certain foreign corporations

Note: Foreign corporations are subject to more compliance requirements than domestic ones are, especially when it comes to taxation and annual fees. If you own a foreign corporation and are operating in Oklahoma, you can call the Oklahoma Tax Commission for guidance. There is a specific number for those with franchise tax issues. If you need more help with understanding your annual report requirements and taxes, contact a certified public accountant (CPA) or an Oklahoma attorney that practices business or tax law. 

Domestic corporations and nonprofits do not file an annual certificate, but have other annual reporting requirements in the form of a Franchise Tax filing. All corporations can use the same form to update:

Their email addressTheir street addressCorporate officers

Some changes require additional paperwork. For example, if you need to appoint a new registered agent, you must file a Change or Designation of Registered Agent and/or Registered Office and/or Principal Office. Both corporations and LLCs must file this separately and pay the $25 fee. These forms are all located on the Oklahoma Secretary of State’s website.

File Your Oklahoma Annual Report

Get your Oklahoma annual report filed quickly and avoid costly mistakes with the help of our expert staff and automated technology. Use your personalized dashboard to keep track of your documents for future reports and filings. 

Oklahoma Annual Report for Corporations vs LLCs 

In Oklahoma, annual reporting requirements are different for corporations and LLCs. LLCs have to file an annual certificate every year by the anniversary of their registration date. Domestic corporations and foreign corporations must file an annual franchise tax return. 

There are a limited number of corporations that must file an annual certificate. These corporations receive their paperwork in the mail rather than online, and must follow the instructions in their mailing to file. 

Where do I file my Oklahoma annual report? 

An Oklahoma annual report is typically filed through the Secretary of State’s online business filings portal. To do this, you’ll need to login by entering your name and email address. You need to have your entity’s filing number handy.

You can also file by mail, but this does take longer to process. The proper PDF forms are available on the Secretary of State’s website listed under your specific business type. Once you fill out the form, you’ll need to mail it with payment to:

Oklahoma Secretary of State

421 N.W. 13th Street

Suite 210

Oklahoma City, OK 73101

Checks must be made out to the Oklahoma Secretary of State. As a disclaimer, you are still liable for filing your annual certificate even if it’s lost in the mail. You may want to send it as a certified letter with a signature required to ensure its delivery. Make sure your filing is postmarked by the due date.

When is the Oklahoma annual report due? 

Oklahoma LLCs must file for their annual certificate by the anniversary date of their registration. For example, if you registered your Articles of Organization on May 1, your due date is May 1 of every year. Failure to file can result in the revocation or dissolution of your business. All corporations must submit their franchise tax return by July 1.

When your report is due, the Secretary of State should send a notice to the email address on file. A limited amount of corporations get the form via mail. These are just friendly reminders, however, so don’t depend on them. Even if you don’t receive the notice, you’re still responsible for filing on time. 

How much does the Oklahoma annual report cost?  

Oklahoma’s annual certificate has a $25 filing fee for LLCs, but there are additional fees if you want to file other forms along with your annual certificate, such as changing a registered agent or principal office. 

Oklahoma doesn’t have late fees for LLCs if you file your annual certificate late, but there can be other consequences depending on how long you’re delinquent. Your business will be considered delinquent after 60 days, and you’ll lose your good standing with the state. After three years, your Articles of Organization could be revoked and you’d lose liability protection.

For corporations, the franchise tax is due and payable July 1st of each year. A ten percent (10%) penalty and one and one-fourth percent (1.25%) interest per month is due on payments made after the due date. The report and tax is considered delinquent if not paid on or before September 15, after which the entity structure can be subject to dissolution.

What information do I need to file the annual report? 

Before you can file your annual certificate in the state of Oklahoma, you’ll need some information about your business. The big one is your due date, which is the anniversary of your registration. This should be printed on your Articles of Organization or Articles of Incorporation. If you’re not sure, you can look it up on the Secretary of State’s business entity search. You’ll also need:

Your filing number (if you don’t remember your filing number, you can search for it using the Secretary of State’s business entity search)The name and address of your businessYour local jurisdiction (if you’re a foreign entity residing outside of the state)Your fictitious name if you’re using a DBAThe street address of your principal place of business (this can’t be a P.O. Box)The email address of your business’s primary contactA signature from a member or manager and their official title

If you’re filing online, you can choose to create an account with the Secretary of State or proceed as a guest. There are detailed instructions at the bottom of the annual certificate form.

A corporate franchise tax return requires the above information and a whole lot more. You must provide financial specifics such as income, debts, and company assets, and update the state on your corporation’s stock ownership, if applicable.

What happens after you file your annual report? 

After you file your annual report, you should receive an email confirmation when it’s officially processed. The Secretary of State recommends that you note down your Session ID information to confirm your submission. After your filing is processed, you can download the certificate from the Briefcase section of Oklahoma’s Business Services page (the icon is shaped like a briefcase).

Beyond that, annual certificates become public records once they’re filed. This means that anyone can view the information using the Secretary of State’s business search. 

What if you miss the deadline to file your report?

Oklahoma doesn’t have a late fee for those who miss the deadline to file their annual certificate, but there are still consequences. For LLCs, after 60 days, you’re no longer in good standing. This is reflected in the Secretary of State’s public records. At worst, your business could be dissolved. According to Oklahoma statute, if you fail to file for three years from your due date, your Articles of Organization will be canceled. This means you lose your right to operate as an LLC in the state and lose all liability protections.

Corporations must file their franchise tax return by July 1. If they fail to do so, they have until September 1 to correct this and pay the fine levied by state law. If they fail to file by September 1, they are then subject to administrative dissolution.

Fortunately, you can reinstate your business by filing an application of reinstatement (LLCs) or a renewal, revival, extension, and restoration of the certificate of incorporation (corporations) along with your delinquent filings and payment of what’s past due. 

Who do I contact if I have issues filing my Oklahoma annual report? 

If you’re having problems filing your annual certificate, you can contact the Oklahoma Secretary of State’s business filings department at (405) 522-2520. 

There’s also a dedicated annual certificate office for LLCs that you can reach at (405) 522-2822. You can also contact the business division via:

Email: webmaster@sos.ok.govFax: (405) 521-3771Telephone: (405) 521-3912

Oklahoma City, OK 73111 2132 NE 36th St 405-523-4026