Creating an entity needs an attention to detail for legalities, and Ball Morse Lowe is here to help. Our entity formation attorneys in Newcastle are educated about state laws. Our team of attorneys is dedicated to supplying personalized service and delivering the best possible legal advice for your business.
Whether you need a limited liability business (LLC), an entity, or any other type of entity formation, we can help. Our team of attorneys will supply you with the customized legal services you need to ensure that your business is legally accurate and properly organized.
We know the details of forming an entity in Oklahoma, and we can help you navigate the only option. We'll supply you with all of the details and advice that you need to make sure that your business complies with all qualifying laws.
Before creating an entity by yourself, you need to know the different forms of business entities that exist in Oklahoma. You should know which one is correct for your business and why. Our attorneys can help explain the differences between LLCs, business, partnerships, sole proprietorships, and other forms of entities. Let's begin with a short list here:
Partnership - A partnership is an entity owned and operated by two or more people. This type of business can be perfect for companies that need more capital than a sole proprietorship. The partners will share the profits and margins as well as certain liabilities.
While many people think that a partnership can only include two people, this isn't the case. There can be any number of partners in a partnership.
Sole Proprietorship - To begin, a sole proprietorship is founded by a single person and isn't considered an entity. This type of business 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 individually responsible for all of your business debts.
Corporation - A corporation is a legal entity that lives separately from its owners. Ownership in an entity is separated into shares and the shareholders aren't individually responsible for the debts of the business.
Limited Liability Company (LLC) - An LLC is a type of company that combines benefits of a partnership with personal liability protection of an entity. An LLC is a legal entity away from its owners, stating that while the owners aren't individually responsible for debts and other liabilities, the business itself is. An LLC supplies tax benefits and can be very flexible in terms of how it's built. By working with Newcastle entity formation law firms, you can learn more about this option.
The business pays taxes on its profits away 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 business entity can be detailed, so it's best to work with an educated entity formation attorney in Newcastle.
Nonprofit – You might be searching to create a nonprofit entity. A nonprofit's an entity that's organized to serve its members or the public rather than make a profit. These forms of entities can supply services to people in need or other beneficial activities, and they don't have to pay taxes as long as they meet certain needments.
The legal structure of a nonprofit involves filing Articles of Incorporation with the Secretary of State. It's important to know the differences between nonprofit entities and for-profit companies, so it's best to work alongside an entity formation law firm in Newcastle.
The decision of which type of business entity is right for you and your goals is your decision. At Ball Morse Lowe, we can help you decide which type of entity is correct for you and then help you form it properly. Our educated attorneys will make sure that your business works with all legal necessities, and help you avoid expensive mistakes down the road.
So, if you're searching for an business law attorney in Newcastle, check out our trusted entity formation attorneys here at Ball Morse Lowe. Reach out today for more information, and schedule your free consultation with one of our attorneys before attempting to create an entity by yourself.
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.