Building Businesses in Oklahoma City and the Surrounding Areas
If you are looking to create a new business entity but are not sure where to start, our accomplished team at the Self Legal Group can help. Our Oklahoma City business formation lawyers have over 150 years of collective legal experience and understand how to efficiently start a new company. We frequently assist clients throughout the state with forming corporations, limited liability companies (LLCs), limited liability partnerships (LLPs), and more.
Once your new company is up and running, we can continue to support you in your business endeavors. Our OKC legal professionals are skilled litigators who can fight to protect and advance your interests in and out of the courtroom. From breach of contract disputes to regulatory compliance, we can offer the comprehensive guidance your venture needs to succeed.
Ready to start your business? Call (405) 451-3534 or contact us online to request a Free Initial Phone Consultation.
Which Business Entity is Right for You?
Choosing the right entity for your new business entity is extremely important. Your decision will impact your level of personal liability, how your company will be organized, how decisions will be made, and how your business will be taxed, among other things.
Each business entity type comes with advantages and disadvantages. Our team at the Self Legal Group can help you weigh the pros and cons against your goals and risk tolerance.
Our Oklahoma City business formation attorneys can help you start a:
- Limited Partnership (LP). “General partnerships” are businesses with multiple owners that are not formally organized or registered. LPs are formal business entities that require registration. An LP is made up of “limited partners” who act exclusively as investors and “general partners” who actively run the business and assume liability for its activities. LPs can serve as an effective vehicle for raising money, as investors can come and go without retaining personal liability or jeopardizing the company’s organization. The structure also allows general partners to maintain operational control. However, general partners are personally responsible for the business’s debts and liabilities.
- C Corporation. C corporations are comprised of shareholders (who own the business), officers (who run the business), and a board of directors (who oversee the business’s direction and serve as a check on corporate officers). Shareholders have no personal liability, and owners can offer stock options to quickly raise money. C corporations are taxed twice: Once at the corporate level and then again on the individual shareholder level. Still, C corporations are often eligible for extensive tax deductions. They are relatively expensive to create and do come with the strictest reporting and recordkeeping requirements.
- S Corporation. S corporations avoid double taxation and serve as “pass-through” entities. Profits and losses of an S corporation “pass through” to individual owners’ tax returns. Like C corporations, S corporation shareholders have no personal liability. An S corporation can have a maximum of 100 shareholders, however. Additionally, only individuals, estates, trusts, and non-profit organizations can become shareholders of S corporations. Expenses and reporting requirements are similar to C corporations.
- Limited Liability Company (LLC). Owners of an LLC do not have personal liability, and LLCs can choose to be taxed as a corporation or a pass-through entity. There are some recordkeeping and reporting formalities, but they are not generally intense as those of a corporation. LLCs are a popular choice for small businesses.
Starting a business entity requires completing several procedural steps. Once you have decided on an entity type, we can complete all necessary paperwork and file registration documents with the state of Oklahoma. We will also walk you through all your new business’s regulatory obligations, including recordkeeping and reporting requirements. Our Oklahoma City business formation lawyers will work to make the process as efficient and straightforward as possible.
Let us set your business up for success. Contact us online or call (405) 451-3534 to discuss your options today.
- 150+ Years of Combined Experience
- Free Initial Phone Consultations
- Offices in Edmond & SW Oklahoma City
- Knowledgeable Attorneys in Varied Fields
“Our experience with Self Legal Group could not have been better.”- Bill G.
“Debbie Self is absolutely one of the best attorneys in the metro area. I highly recommend this firm for any of your legal needs.”- Nicki H.
“Excellent all-around great advice from a legal perspective.”- Quinton A.
“I cannot say enough positive things about my experience with Debbie Self. She is an outstanding Lawyer, and very professional.”- Kim R.