Okmulgee Attorney For Small Business Law

Small businesses are the lifeblood of this country. Opening up a business and running it successfully can open doors in a community, especially in Oklahoma. But like all businesses, small businesses need to make sure that they work within the confines of the law and that both the business and its owners thrive. When the small business owner wants to do it right, whether it is setting up a business or running it year in and year out, it helps to have the help of an Okmulgee attorney for small business law.

How An Okmulgee Attorney For Small Business Law Can Help You Set Up Your Business

Setting up your business right at the beginning can save headaches later on. Every business needs a name and a business entity. Choosing and making sure that your business name is available is dependent in some part upon the business form that you choose.

Some business forms require that business names are reserved and registered with the Secretary of State. Also, some forms and names require that a trade name report is filed with the Secretary of State.

The business entity you choose will have ramifications now and in the future.

Sole Proprietorships And LLCs In Oklahoma

Sole Proprietorship: This is the most basic form. It is a business entity owned by one person. You do not need to file any formal documents to form a sole proprietorship in Oklahoma. This business form has no shield to protect the owner from liabilities that the business incurs. If the business is sued, the owner is personally responsible.

LLC: A Limited Liability Corporation or LLC requires the filing of articles of organization with the Oklahoma Secretary of State and the appointment of a registered agent for service of process. It is also a good idea to prepare an operating agreement outlining the way the LLC will be run. An experienced Okmulgee attorney should draft this document for you.

Also, LLCs can protect an owner from the liabilities that the business incurs. Many LLCs have only one owner and can look very much like a sole proprietorship if they do not have an operating agreement. These agreements are also helpful when a business has more than one owner. They can outline ownership percentages, how profits and losses are handled, how termination of ownership is handled, and other matters that may be important to you and to your business. LLCs are more expensive to initiate and operate, but limited liability exposure is worth it to many.

Partnerships And Corporations In Oklahoma

Partnership: A partnership in general does not need to file organizational documents with the Secretary of State. Also, a limited liability partnership does need to file a Statement of Qualification with the Secretary of State.

However, all partnerships need a partnership agreement. This agreement spells out the duties and responsibilities of the partners. It should also spell out how the partners will handle profits, losses, disputes, and the termination and dissolution of the partnership.

Corporation: A corporation, whether a regular corporation or an S corporation, also shields owners from liability. These business entities require articles of incorporation to be filed with the Secretary of State. An S corporation, or a small business corporation, has additional IRS filing requirements.

Bylaws, which spell out what the corporation can and cannot do, should be drafted Also, bylaws provide the framework for your business.

Finally, you need to appoint a registered agent for service of process.

Business Licenses, Permits, Insurance, And Taxes

Most cities have business license requirements that must be understood and adhered to. In addition, all cities have zoning requirements. Businesses are not allowed in some zones.

Depending on the business form you choose and the nature of your business, it may be helpful to file for a federal Employer Identification Number or EIN.

Also, some businesses require permits. All restaurants and bars, for example, must have permits and a liquor license if they intend to sell alcohol.

The question of whether to purchase insurance, the type, and amount of coverage needed are all important in protecting an owner from liability should something go wrong. Your attorney can help you understand how to prepare for these elements of your business and whether they apply to you.

Taxes are always a huge part of a business. All businesses must pay both state and federal income taxes. However, the business form impacts how these takes are paid. For example, in Oklahoma, sole proprietorships and partnerships do not file a separate state return. Taxes are part of an owner’s individual tax return. However, other types of businesses require separate tax filings.

There is a multitude of other areas in small business with which an Okmulgee attorney can help. Any small business that has employees will have additional monitoring, tax law compliance, and employment law issues on an ongoing basis.