The Oklahoma Bar Journal May 2026

meaning anyone who pur chases the business cannot operate until the liability is resolved.

Timely filing and paying reports and returns Timely renewing and post ing permits and licenses Contacting the OTC (and other entities as appropri ate, such as the secretary of state) with any changes or updates ( e.g. , address and officer changes) Ensuring the business follows the current statutes, rules and laws; they some times change year to year, so careful monitoring is important Additionally, all loose ends must be addressed before stepping away from the business. Failing to do so may result in monetary penalties, barred successor opera tions and even legal action. Some things to consider when closing a business include: 13 business technically contin ues to operate in the OTC system, which can result in an additional balance owed. Gathering supporting docu mentation. When a business closes, the OTC requires Identifying a close date. Without a close date, the Contacting regulatory authorities and agencies as appropriate. For exam ple, the secretary of state should be updated when ever a business decides to cease operations. Resolving current account deficiencies. Failing to pay off an outstanding liability will sometimes cause suc cessor liability issues – documentation verifying the date of closure to officially close the account.

on business tax compliance and collection, as well as bankruptcy. She covers cases in all Oklahoma district courts as well as the bankruptcy courts for Oklahoma’s Northern and Eastern districts. ENDNOTES 1. New Business Registration , Oklahoma Tax Commission OkTAP, https://bit.ly/4cGY236. 2. For conciseness purposes, endnote 3 contains the sources used multiple times for much of the information contained in this section. Additional endnotes will be used for sources only used for specific lines. 3. See 18 O.S. §1005 et seq. ; see 54 O.S. §1-202 et seq. ; see New Business Workshop , Oklahoma Tax Commission, https://bit.ly/4msiEQ1; see “ Businesses,” Oklahoma Tax Commission, https://oklahoma.gov/tax/businesses.html; see “Choosing a Business Structure,” Oklahoma Department of Commerce https://bit.ly/4swP6lw; see also “Choose a Business Structure,” U.S. Small Business Administration https://bit.ly/4sCiEhL; see 3A Vernon’s Okla. Forms 2d, Bus. Org §§1.03, 1.04. 4. See 68 O.S. §253. 5. See supra notes 2-3 and accompanying text. 6. See “Employers,” Oklahoma Employment Security Commission (https://bit.ly/4tJNANU). 7. 2026 Oklahoma Income Tax Withholding Tables , Oklahoma Tax Commission (Rev. November 2025), https://bit.ly/4mxxqoM. 8. See Okla. Admin. Code §710:90-3-11(b)(3-4). 9. See “Fees & Exemptions,” Service Oklahoma, https://bit.ly/4ss72xF. 10. New Business Workshop , supra ; Licensing , Oklahoma ABLE Commission, https://bit.ly/4sAADoB. 11. See Okla. Admin Code §710:65-9-8. 12. See supra notes 2-3 and accompanying text. 13. See also “Entity Changes,” Oklahoma Business Hub, https://bit.ly/4sAqgkW. 14. “State Agencies,” State of Oklahoma, https://oklahoma.gov/stateagency.html. 15. See generally 68 O.S. §§101 et seq. 16. See generally Okla Admin Code §§1-1-2 et seq. 17. See generally Oklahoma Tax Commission, https://oklahoma.gov/tax.html.

CONCLUSION Starting a new business can be daunting, but it is certainly not impossible. There are numerous resources available online for tax payers with business tax questions, including: List of state agencies 14 Oklahoma Statutes 15 Title 710 of the Oklahoma Administrative Code 16 OTC website 17 The bottom line is this: All businesses have rules and regu lations that govern them. A full understanding of these guidelines at the beginning of the registration process is critical to the longevity of any business. Again, a strong foundation will almost always provide any business with a better chance of success. Author’s Note: This article serves as the author’s explanation of concepts, guidelines, laws and regulations based upon her professional experience and preferred informational materials on the topic. This is not an official publica tion of the Oklahoma Tax Commission.

ABOUT THE AUTHOR

Marina Wise is an assistant general counsel

at the Oklahoma Tax Commission’s Tulsa office. Ms. Wise was born in Brownsville, Texas, and earned her bachelor’s degree from Austin College before graduating from the TU College of Law in 2021. Her practice is centered

Statements or opinions expressed in the Oklahoma Bar Journal are those of the authors and do not necessarily reflect those of the Oklahoma Bar Association, its officers, Board of Governors, Board of Editors or staff.

MAY 2026 | 13

THE OKLAHOMA BAR JOURNAL