When deciding to form your Limited Liability Company (LLC) in Oklahoma , you should review and evaluate the most recent Oklahoma laws and regulations that apply to your specific business and, most important, seek the advice of a qualified professional who has experience with Oklahoma companies that are similar to yours.
MaxFilings helps business owners just like you form limited liability companies in Oklahoma. Here are a few reasons why MaxFilings is quickly becoming the resource of choice when forming Oklahoma LLCs:
You can start getting organized or form an LLC right now in our handy online business formation system.
You can form your LLC in Oklahoma and have the peace of mind that comes from knowing that you and other members will have limited liability protection. Oklahoma LLCs will protect your personal assets since they cannot be used to satisfy the LLC’s debts and liabilities. Oklahoma LLCs also protect members from any claims arising from lawsuits
In the absence of electing to be taxed as a corporation, Oklahoma LLCs enable you to avoid what is referred to as the “double taxation” of corporations since business profits are passed through to the LLC’s members who include them on their individual tax returns. This is the same pass-through tax structure enjoyed by proprietorships, partnerships and S corporations but with an added advantage. Unlike those forms of business, Oklahoma LLCs' profits and losses do not have to be distributed based on its members’ share of ownership.
In general Oklahoma LLCs will be more flexible and easier to operate than a corporation while providing you with the same limited liability but without the formal structure and more cumbersome ongoing requirements.
Should I form Oklahoma Limited Liability Company (LLC)?
Whether it’s a one-person professional consulting service or an Internet-based store, the time comes when most everyone running a business in Oklahoma asks "is an LLC in Oklahoma right for me?"
First, you'll want to take a look at the size of your business and assets. To get started, answer these yes/no questions:
* Are you a Mom & Pop operation with no employees?
* Do you operate out of your home?
* Is your income relatively low?
* Are your personal assets of relatively low value?
If you answered NO to even one of the above, you will definitely want to consider forming an LLC for your business.
Oklahoma LLC will protect your personal assets
Almost always, limiting liability is reason enough for business owners with even modest personal assets, such as a house and a car, to form a Limited Liability Company (LLC) for their business. Without limited liability protection, an owner's personal assets can be taken to satisfy unfulfilled obligations of the business. Unpaid loans and bills, unfulfilled contracts and guarantees, broken leases, and even judgments stemming from legal action against the business are just some of the obligations for which a business owner could be held liable.
It is certainly prudent to eliminate the risk of losing your personal assets to satisfy a business obligation if at all possible.
Forming Oklahoma corporation is also an option
Of course, Oklahoma S corporation will also provide you with limited liability protection and may prove to best suit your needs after you have considered all of the other issues, not the least of which is taxes.
The type and size of the business, the state or states in which you operate, the number of owners and their relationship to each other and to the business, the personal finances of each of the owners and their families, plus other questions related to the specific situation must be taken into account in order to identify which of the possible business entities will be most beneficial.
You'll want to visit the MaxFilings Online Incorporation Knowledge Center to find a wealth of information that applies to both Oklahoma and other states. You will find information on the different types of business entities, from C and S corporations to LLCs, and their relative advantages. And there’s much more, all of which is designed to help you better informed as you make important decisions.
If forming Oklahoma corporation is under consideration, you’ll want to review helpful information specifically about Incorporating in Oklahoma.
Conclusion: So, should I form Oklahoma LLC?
As you can see, the answer is "it depends". Examining all of the unique variables of your situation alongside the latest federal, state and municipality tax laws is an exercise that calls for the help of a qualified accountant, tax advisor or financial planner. Not only are both Federal and Oklahoma tax laws ever changing and complex, they are subject to interpretation and the average layman will be quickly lost.
Once you have decided it's time to form your Oklahoma Limited Liability Company (LLC) or corporation, MaxFilings can help you do so quickly, easily, and economically. Start entering your information now and save it for when you're ready. You're under no obligation, and there is no charge until you actually place your order.
Following are some articles that may help in deciding between Oklahoma LLC, Oklahoma C corporation and Oklahoma S corporation.
Can S Corporation status reduce self-employment taxes?
Is pass-through tax treatment the same for LLC's & S Corporations?
What is phantom income?
Wondering what happens after you submit your incorporation order to us? Have questions about using MaxFilings to incorporate your business or form an LLC? Here you'll see basic questions about our system that can help make your experience smooth and hassle-free. FAQ About MaxFilings