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. Like a corporation, the LLC can also have an endless amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Oklahoma since the legislature enacted laws authorizing its creation.
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. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Businesses in Midwest might 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?
A lawyer versed in Oklahoma business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.