Newcastle Economic Development will assist in most any case when possible to help you establish or expand your business. Below are some steps to better assist you on this venture. The steps may vary depending on the type of business, but this should give you a general direction.
If you should want to open a liquor store or a restaurant that will serve liquor, click here to get the description on obtaining a liquor license from the ABLE Commission and the City of Newcastle.
Newcastle Economic Development can provide resource materials, including information on properties and sites, business plans, demographics, traffic counts, etc. For more information, use our contact information on this page.
A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities. Unfortunately, many people think of business plans only for starting a new business or applying for business loans. But they are also vital for running a business, whether or not the business needs new loans or new investments. Businesses need plans to optimize growth and development according to priorities. For more information, contact:
Below are helpful tools you may download.
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).
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A business name is that that draws business in itself. Creating a business name takes some thought but is one of the most important things you will do during the process of starting a business. Get your family, friends and/or colleagues together for a business name brainstorming session and work through these five rules for choosing a business name:
1) Name has to be memorable – but easy to spell.
2) Name needs a visual element.
3) Name has to have positive connotation.
4) Name needs to include information about what your business does.
5) Name has to be fairly short.
And a last tip: think about colors when you are choosing a business name. Colors will be an important component of your business logo and other business promotion materials and your business web site, and colors have strong emotional associations, too. Red, for instance, is an aggressive color; its fiery elements are associated with speed, excitement and passion while green is a calming color associated with growth, renewal and nature. For more information on colors and their meanings see Color Meanings and Colors That Go Together by Jacci Howard Bear.
You will want to create at least two business names, and three is even better, because once you have chosen a business name, the next step is to register it and your first choice may already be taken.
Checking on the use of your business name can be done by contacting:
This is how you plan to "organize" you business. And as you business grows you should review the current organization to see if it best fits the current needs of your business. In Oklahoma, there are several legal structures that exist. Each choice will affect your income taxes and personal liability. The least complicated is a Sole Proprietorship or a Partnership. Corporations and Limited Liability Companies must register with the Secretary of State. You may want to contact your own accountant or attorney for advice and assistance in determining the best legal structure for you and your business. For additional information contact:
The U.S. Small Business Administration has created a handbook to help you with the determination. Below is a helpful tool you may download.
This file is in PDF format (Adobe® Reader® file ).
The PDF files will open a new window in your Internet Browser. Close the new window when finished.
Determining zoning requirements prior to signing a lease or contract is imperative. You must check with the City to see if the type of business you plan to operate is legal in the desired location. You can obtain this information by contacting:
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Newcastle Chamber of Commerce
820 N. Main Street, PO Box 1006
Newcastle, OK 73065
405.387.3232; Fax 405.387.3885
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Anyone doing business in the City of Newcastle should check with the City to see what licenses you may need. Home-based businesses, self-employed persons, and independent contractors should also check to see what licenses may be required.
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City of Newcastle
City Clerk's Office
422 S. Main
Newcastle, OK 73065
405.387.4427
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There are specific business types that must be registered with the Oklahoma Department of Consumer Credit, click here for specific information.
The business type chosen determines the licenses needed to operate a business legally. For a list of the regulated businesses, contact:
Businesses selling tangible personal property in the state of Oklahoma must apply for a Sales Tax Permit by contacting:
Below is a helpful tool you may download.
This file is in PDF format (Adobe® Reader® file ).
The PDF files will open a new window in your Internet Browser. Close the new window when finished.
This web site provides links for specific trade licensing information for Oklahoma.
Several types of taxes may be levied on businesses including income tax and employment tax. For information on taxes inside the State of Oklahoma, contact:
For information about state employment taxes and unemployment issues, contact:
For federal tax information contact:
| Internal Revenue Service |
800.829.4933 (business) |
Below is a helpful tool you may download.
This file is in PDF format (Adobe® Reader® file ).
The PDF files will open a new window in your Internet Browser. Close the new window when finished.
Sales Tax Information
This information is to help vendors and retailers determine the correct sales or use tax on sales and delivery sales.
Sales vs. Use Tax
Sales Tax
Under Oklahoma law, state sales tax must be charged and collected on all transfers of title or possession of tangible personal property for valuable consideration that occur within this state. The sales tax is also levied on certain services that are provided in this state. If the transaction occurs within the boundaries of a county or municipality that also levies a sales tax, the applicable county or municipal sales tax must also be charged and collected. Sales Tax Statute Definition
Use Tax
Oklahoma state use tax must be paid on tangible personal property purchased and brought into this state for storage, use or consumption. If the property is brought into a county or municipality that also levies a use tax, the applicable county or municipal use tax must be paid.
If you are a retailer maintaining places of business both within and without this state and are making sales from a place of business outside this state for use in Oklahoma, you are responsible to collect the appropriate state and local use tax from your customer. Find Rates
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Sales & Use Tax Breakdown
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Total Rate
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9.0%
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State Rate
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4.5%
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Codes
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County Rate
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0.5%
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McClain
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4488
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City Rate
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4.0%
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Newcastle
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4406
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More information for Retailers and Vendors
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a nine-digit number that the IRS assigns to business entities. The IRS uses this number to identify taxpayers that are required to file various business tax returns. EIN's are used by employers, sole proprietors, corporations, partnerships, non-profit organizations, trusts and estates, government agencies, certain individuals and other business entities. EIN's can be obtained by completing form SS-4 from the:
| Internal Revenue Service |
800.829.4933 (business) |
Below is a "fillable" form available through the IRS web site The online application process is not yet available for the following types of entities: Foreign Addresses (including Puerto Rico), Limited Liability Company (LLC) without entity types, REMICs, State and Local Governments, Federal Government/Military, Indian Tribal Government/Enterprise.
If you are starting a business which will serve liquor, please click here to see the steps in obtaining a liquor license.
By following these key steps, the process of starting a business should run more smoothly. If you have any questions please contact us at 405.387.3232.