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?
The right business form is a decision left up to each business that openes in Oklahoma. An LLC is started just by filing the appropriate form with the Secretary of State. Fees are frequently charged for opening LLC's, however, and Oklahoma law determines the costs for creating LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Sulphur 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.