Are you considering starting a business. Oklahoma recognizes
several kinds of business organizations. Generally speaking, there
are two reasons to form a business entity. The first is for tax
purposes and the second is for protection from liability. Under
Oklahoma law, when a person does business outside of a corporate entity,
that person is personally liable for any actions that
damage another person. If two people do business together, they
may be viewed as a general partnership. Members of a partnership
are liable for the actions of of the other members of the partnership.
Oklahoma recognizes several business entities: Corporations, Limited
Liability Companies, Limited Partnerships, and Limited Liability
Partnerships. Oklahoma also allows a business entity to have one
or more trade names. Which one is right for you are dependant upon
your needs and the type of business in which you are to be engaged.
In addition to the advise of an attorney, I strongly suggest that you
also seek the assistance of a Certified Public Accountant for tax
purposes and bookkeeping. Contact me and let's discuss the entity that is right for you.