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. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
A business in Pocola 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?
The decision of whether to form or convert to a LLC is best considered with the advice of local Attorneys practicing business law in Oklahoma.