Our Rogers County attorneys help people interested in Forming a Limited Liability Company. Setting up a LLC is one of the most common ways small business entrepreneurs choose to begin business. This is a common choice because forming a limited liability company, or LLCs, offers a large degree of flexibility in the administration of the business. It also protects the personal assets of the owner from legal liability in the event of a legal action against the company. This article will provide you with a short step by step to set up your own Limited Liability Company.
Step by Step Forming a Limited Liability Company
Oklahoma have five basic steps when it comes to setting up your own Limited Liability Company.
1.) Select a State: An LLC may be set up in any state you choose. However,
the state laws will limit your ability to administer in certain states. It is the best idea to set up your LLC in the state you reside in and will operate the most often.
2.) Name the LLC: Check with the state’s Secretary of State office to see if the name you choose is available. If the name you want is not in use, then you can register for the name and hold it for your company’s use.
3.) Choosing a Registered Agent: The registered agent of a Limited Liability Company ensures that all the necessary paperwork, reports, and other legal forms are filed on time. But the agent must live in the same state you register the company in.
4.) Articles of Organization: You must file your articles of organization to become valid. This will include the name of your LLC, the mission of your business, and a purpose statement plus the name of the registered agent.
5.) Operating Agreement: Basic formation of the internal policies of the LLC. So this includes things like bylaws, how the board of directors operates, and other policies.
Benefits of Forming a Limited Liability Company
There are many advantages to an entrepreneur who chooses Forming a Limited Liability Company business structure. One of the most appealing benefits is that forming your company can take as little as a month. This is largely depending upon your speed in gathering the paperwork and filing. Next, you can form an LLC for a small amount of money. This could range from as little as $50 to $500. But, the most appealing benefit is that forming an LLC will protect your personal assets if your company is sued or fails. This means that creditors and other entities cannot take your personal items—such as your vehicles—if you are in debt. Finally though, you can report these business taxes on your person tax forms. This means that you will not face double taxation on your income.
SEE OUR FIRM’S INFORMATION ON BANKRUPTCY FILINGS HERE.
Claremore Business Attorneys Can Help
If you want to ensure that you are properly forming your corporate structure and filling out forms correctly it is useful to have an attorney review the paperwork with you. As a result, our Rogers County business formation attorneys offer a free consultation to our clients.
