The Limited Liability Company, or LLC, is a legal business structure that seeks to combine advantages from across several other traditional business forms. A LLC has the advantages of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. For hundreds of years, limited liability has been a main goal of some business forms, but since the Oklahoma legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
Oklahoma allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable Oklahoma laws govern the formation of LLC's and their actions. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
A business in Elk City may change its form under specific conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Oklahoma laws.
How Can an Attorney Help?
Whether it would be advantageous for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Oklahoma can give you valuable advice.