The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits from across several other traditional business forms. A LLC has the benefits of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Many business forms have historically been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Oklahoma that authorized its formation.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in Oklahoma. An LLC is started simply by filing the appropriate form with the Secretary of State. Fees are often charged for opening LLC's, however, and Oklahoma law determines the costs for creating LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Collinsville may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Oklahoma law.
How Can an Attorney Help?
Attorneys practicing business law in Oklahoma can advise you on whether it would be favorable for your business to form or convert to a LLC.