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?
Businesses in Oklahoma may organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, some charge additional fees for the formation of LLC?s, and in Oklahoma there are particular laws that govern the actions of LLC?s. 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?
Changing business forms in Oklahoma City can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if Oklahoma law permits it in your situation.
How Can an Attorney Help?
Attorneys experienced in Oklahoma business law can give you valuable input on whether your business would be more profitable as a LLC.