The Oklahoma Application for Withdrawal is an official document used by individuals or businesses that are seeking to withdraw funds from the Oklahoma 529 College Savings Plan. The application process is handled by the Oklahoma State Treasury, which requires all applicants to provide detailed information about the withdrawal, including the name of the account owner, the account number, the amount of the withdrawal, and the purpose of the withdrawal. There are four types of Oklahoma Application for Withdrawal: Qualified Higher Education Expenses, Non-Qualified Higher Education Expenses, Penalty Free Withdrawal, and Termination of the Account. Qualified Higher Education Expenses withdrawals are only allowed when the money is used to pay for college tuition, fees, and other qualified expenses. Non-Qualified Higher Education Expenses withdrawals are allowed for any other type of expense. Penalty Free Withdrawals are for withdrawals of up to $10,000 for certain purposes, such as medical expenses, disability expenses, and purchases of principal residences. Termination of the Account is for when the account owner wishes to close the account and withdraw all remaining funds.
Oklahoma Application for Withdrawal
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To dissolve/terminate your domestic LLC in Oklahoma, you must submit the completed Articles of Dissolution of an Oklahoma Limited Liability Company form to the Oklahoma Secretary of State by mail, in person or by fax along with the filing fee. If you file by fax, include a cover sheet with all credit card information.
To dissolve your corporation in Oklahoma, you submit the completed Oklahoma Certificate of Dissolution form by mail, in person or by fax to the Secretary of State along with the filing fee.
Dissolving a corporation successfully takes several key steps. Such requirements may vary across the fifty states. Generally, it is recommended that business owners get legal assistance to file the necessary documents with the proper state agencies.
While there is no legal requirement that a corporation must dissolve if it's no longer doing business, there are good reasons to do so. A small business that remains incorporated, even if it is inactive, must continue to file state and federal income taxes, even if it did no business during the year and had no income.
Liquidation of Assets After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets. Note that only those assets your company owns can be liquidated. Thus, you can't liquidate assets that are used as collateral for loans.
To withdraw your foreign Corporation in Oklahoma, you must complete and submit Certificate of Withdrawal form by mail, in person or by fax to the Oklahoma Secretary of State, with the filing fee.
Shareholders must authorize the liquidation and dissolution of the corporation by special resolution. If there is more than one class or group of shareholders, each class or group must pass a special resolution to authorize the dissolution even if these shareholders are not otherwise entitled to vote.
You can just file an amendment to change the name of your Oklahoma LLC. Doing this will inform the Secretary of State about your plan. Additionally, your LLC also needs to change its name on the records with the state and government. The same rule applies to Oklahoma corporations.