This week in the Freedom Friday blog we're continuing the series the 10 Steps to Starting a Small Business in Oklahoma. If you missed the blog posts for the previous steps, I've provided links at the end of this blog post to help you catch up.
In today's Freedom Friday blog, we're going to cover the seventh step in starting a small business in Oklahoma, which is to apply for licenses and permits. While the State of Oklahoma does not require a general business license, many businesses, business owners, and/or their employees, may require special licenses or permits to legally operate in Oklahoma. Depending on your business, some permits may be required by a city or municipal government. For instance, the City of Oklahoma City requires a business license for certain businesses, including daycares, kennels, and pawn shops. Also, the City of Tulsa requires a license for restaurants, pawn shops, and contractors.
There are also specific industries in Oklahoma which require specific licenses. For instance, if you own a small business which provides electrical, plumbing, and/or heating and air conditioning services, there is a specific license required to own such a business. Other industries that require industry-specific licenses include restaurants, consumer credit, and transportation services. The Oklahoma Department of Commerce can assist you in identifying any specific licenses which may be required to operate your business in a specific industry.
If your small business is a retail business (including online retail), in which you are selling or reselling tangible goods on a continuous basis, then you will need to register with the Oklahoma Tax Commission in order to obtain a sales tax permit in Oklahoma. Almost all physical products are taxable, but digital products are exempt. You will also need to register with the Oklahoma Tax Commission if your business has employees, as you will need to register for employer withholding tax. In order to register for a sales tax permit, you will need to provide your small business contact information; legal business name; your physical address, mailing address, and phone number; your type of business entity; your EIN number; the names and addresses of your owners, officers, and/or members; and a description of what products or services are being sold. You will also need to pay a $20 fee and renew the sales tax permit every three (3) years. You will also need to register with the Oklahoma Tax Commission for employer withholding tax if your small business has employees.
If you've missed the blog posts for the previous steps, here are some links to get you started:
Step 1: Develop a Business Plan
Step 2: Gather Your Team
Step 3: Choose Your Business Entity
Step 4: Draft Your Operating Agreement or Bylaws
Step 5: Apply for an EIN
Step 6: Open Business Bank Accounts
If you're interested in starting a small business anywhere in Oklahoma, or if you have a small business and you are looking to grow, please feel free to contact me at [email protected]. For more information about Liberty Legal Solutions, LLC, please visit our website http://www.libertylegalok.com.