What are the requirements for disclosure of financial information?

In Oklahoma, all business entities must submit financial information as part of their respective filings with the Secretary of State’s office. This information is required in order to maintain a public record of financials to ensure the integrity of the commercial activities conducted in the state. The financial information that must be disclosed includes a balance sheet that reports assets, liabilities, and capital investments. Also required is a profit and loss statement for the most recent fiscal year, along with a statement of changes in financial position. All of these items must be signed by an officer of the company, such as the president or treasurer, attesting to the accuracy of the information. In addition, Oklahoma statutes require companies to submit an affidavit regarding their ability to pay debts. This affidavit must be signed by the company’s directors. Finally, companies in Oklahoma are required to provide financial information to creditors upon request. While disclosure of financial information is legally required in Oklahoma, there may be additional disclosure requirements depending upon the type of company filing. For example, non-profit organizations are expected to provide more details regarding their activities than for-profit corporations. Additionally, certain companies may be subject to governmental regulations which require additional disclosures. In these cases, the regulations must be adhered to in order to stay compliant with the law.

Related FAQs

What are the rules governing competition in the marketplace?
What are the basic principles of commercial law?
What is the difference between breach of contract and a tort?
What is the law on anti-money laundering?
What is the law on anti-competitive practices?
What is the law of agency?
What are the requirements for disclosure of financial information?
How is employment contract law enforced?
What is the role of a commercial lawyer?
What are the consequences of insolvency?

What are the requirements for disclosure of financial information?

Related FAQs

Related Blog Posts