Starting a business requires the right legal framework, and Ball Morse Lowe is here to help. Our entity formation lawyers in OKC are experienced and knowledgeable about Oklahoma law. Our team of attorneys is committed to providing personalized service and delivering the best possible legal advice for your business.
Whether you need a limited liability company (LLC), a corporation, 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 business is legally compliant and properly organized.
We understand the complexities of forming a business in Oklahoma, and we can help you navigate the process. We will provide you with all of the details and advice that you need to make sure that your business complies with all applicable laws.
Before anything else, you need to understand the different types of business entities that exist in Oklahoma. You should know which one is right for your business and why. Our attorneys can help explain the differences between LLCs, corporations, partnerships, sole proprietorships, and other types of organizations. Let's start with a short guide here:
Sole Proprietorship - Firstly, a sole proprietorship is owned by a single individual and is not considered a legal entity. This type of business can be great for small businesses that don't need to worry about legal compliance. One of the biggest benefits is that you don't have to pay taxes twice; you just file your income tax return.
On the other hand, a potential drawback is that you're personally liable for all of your business debts.
Partnership - A partnership is a business owned and operated by two or more individuals. This type of business can be perfect for businesses that require more 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 business that combines some of the benefits of a partnership with the personal liability protection of a corporation. An LLC is a legal entity separate from its owners, meaning that while the owners are not personally liable for debts and other liabilities, the company itself is.
The LLC also provides tax benefits and can be very flexible in terms of how it is structured. By working with OKC entity formation law firms, you can learn more about this option.
Corporation - A corporation is a legal entity that exists separately from its owners. Ownership in a corporation is divided into shares and the shareholders are not personally liable for the debts of the company.
The corporation pays taxes on its profits separately 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 complex, so it's best to work with an experienced entity formation attorney in OKC.
Nonprofit - Of course, there are also nonprofit organizations. A nonprofit is a business that is 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 businesses, so it's best to work with an entity formation law firm in OKC.
Ultimately, the decision of which type of business 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 attorneys will make sure that your business complies with all legal requirements, and help you avoid costly mistakes down the road.
So, if you're looking for an entity formation attorney in Oklahoma City, look no further than Ball Morse Lowe. Reach out today at 405.701.5355 or email email@example.com for more information (even if you want to start with a simple question!).
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.