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. Like a corporation, the LLC can also have an unlimited 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 formation.
Can My Business Be Formed as an LLC?
Businesses in Oklahoma can 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. Fees are often charged for opening LLC's, however, and Oklahoma law determines the costs for creating 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 may 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 Piedmont 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?
A lawyer versed in Oklahoma business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.