Creating an entity from scratch requires an attention to detail for legal procedures, and Ball Morse Lowe is here to help. Our entity formation lawyers in Kingfisher are experienced and informed about Oklahoma law. Our team of attorneys is devoted to providing personalized service and delivering the best possible legal advice for your company.
Whether you need a limited liability company (LLC), a business, or any other type of entity formation, we can help. Our team of attorneys will provide you with the customized legal services you need to ensure that your company is legally compliant and properly organized.
We understand the details of forming an entity in Oklahoma, and we can help you navigate the only option. We'll provide you with all of the details and advice that you need to make sure that your company complies with all applicable laws.
Prior to creating an entity on your own, you need to understand the different types of company entities that exist in Oklahoma. You should know which one is right for your company and why. Our attorneys can help explain the differences between LLCs, business, partnerships, sole proprietorships, and other types of organizations. Let's start with a short guide here:
Sole Proprietorship - Firstly, a sole proprietorship is created by a single individual and isn't considered an entity. This type of company can be great for small companies that don't need to worry about legal compliance. One of the most important benefits of a sole propietorship is that you don't have to pay taxes twice; you just file your income tax return once.
Another potential issue could be that you're personally liable for all of your business debts.
Partnership - A partnership is an entity owned and operated by two or additional individuals. This type of company can be perfect for companies that require additional capital than a sole proprietorship. The partners will share the profits and losses as well as certain liabilities.
While many people think that a partnership can only contain two individuals, this isn't the case. There can be any number of partners in a partnership.
Limited Liability Company (LLC) - An LLC is a type of company that combines benefits of a partnership with personal liability protection of a business. An LLC is a legal entity separate from its owners, meaning that while the owners aren't personally liable for debts and other liabilities, the company itself is. An LLC provides tax benefits and can be very flexible in terms of how it is structured. By working with Kingfisher entity formation law firms, you can learn additional about this option.
Corporation - A corporation is a legal entity that exists separate from its owners. Ownership in a business is divided into shares and the shareholders aren't personally liable for the debts of the company.
The business pays taxes on its profits separate from the owners, and it has to comply with certain regulations and file paperwork to remain in operation. It's important to note that this type of company entity can be detailed, so it's best to work with an experienced entity formation attorney in Kingfisher.
Nonprofit – You might be looking to create a nonprofit organization. A nonprofit is an entity that's organized to serve its members or the public rather than make a profit. These types of organizations can provide services to people in need or other beneficial activities, and they don't have to pay taxes as long as they meet certain requirements.
The legal structure of a nonprofit involves filing Articles of Incorporation with the Secretary of State. It's important to understand the differences between nonprofit organizations and for-profit companies, so it's best to work alongside an entity formation law firm in Kingfisher.
Ultimately, the decision of which type of company entity is best for you and your goals is up to you. At Ball Morse Lowe, we can help you decide which type of entity is right for you and then help you form it properly. Our experienced lawyers will make sure that your company works with all legal necessities, and help you avoid expensive mistakes down the road.
So, if you're looking for an entity formation attorney in Kingfisher, check out our trusted business law attorneys here at Ball Morse Lowe. Reach out today for additional information, and schedule your free consultation with one of our attorneys.
The attorneys at Ball Morse Lowe have built a respected reputation over the decades for providing sophisticated counsel in complex oil, gas, and energy law matters, business law cases, transactions, estate planning, and family law matters. We take pride in assisting individuals and families with their legal concerns. Personable and responsive, our lawyers craft documents and develop strategies tailored to each client's unique goals and needs.
Ball Morse Lowe PLLC is committed to providing excellent service and sound solutions to our clients in a cost-effective manner. From our offices in Norman, Oklahoma City, Edmond, Stillwater, Frisco, and Denver, our attorneys provide services throughout the Oklahoma City, DFW, and Denver Metros and in other states, including Texas, North Dakota, Ohio, Colorado, California, Wyoming, and New Mexico.