Oklahoma City Business Formation Attorney

If you are considering starting your own business, taking a methodical, strategic approach to forming your new venture can save you time, money, and frustration in the long run. Different business entity types offer different potential benefits and drawbacks from tax liability and asset protection standpoints. Choosing the entity structure that makes the most sense for your situation is not a decision to be taken lightly.

 

Working with a knowledgeable, experienced business formation attorney in OKC can provide invaluable peace of mind as you pursue your dream of entrepreneurship. Goodnight Law, PLLC offers trusted business formation services. Your business incorporation lawyer is here to provide sound advice to help you identify the right business entity structure and trusted services for establishing your new organization.

 

Which Type of Business Entity Is Right for You?

 

You will be faced with many decisions when starting a company, including where to set up shop, what products and services to offer, whether to hire employees, how to attract potential customers, etc. Arguably the most important decision you will make is what type of business entity to establish for your new venture. Business formation law can be complex; it is crucial to understand your options so you can make an informed decision. As your company formation lawyer, Goodnight Law will work to understand your situation and goals for your business. We will help you comprehend and evaluate your options, so you can choose appropriately and move forward confidently.

 

Depending on your circumstances, your company incorporation lawyer may suggest one or more of these common business entity structures:

 

• Limited Partnership (LP). With a limited partnership, the general partner(s) in the business are responsible for day-to-day operations of the company while one or more limited partners invest capital and benefit from the business’s success. Limited partners’ personal liability is limited to their investments in the business. Each partner in a partnership is responsible for reporting his or her respective share of profits on individual tax returns.

• Corporation (C and S Corporation). Corporations are separate legal entities, with one or more shareholders (investors.) With a corporate structure, business owners are not personally responsible for the company’s debts, and their liability extends only as far as their investment in the business. C Corporations are responsible for filing and paying taxes at corporate tax rates; shareholders are also taxed on the income they receive from the company. S corporations avoid this double taxation, with profits and losses passed through to shareholders who must include them on their individual tax filings.

• Limited Liability Company (LLC). An LLC can have one or more members (owners). This structure protects the business owners’ personal assets from the potential reach of business creditors. Just as with the corporate structure, the company itself is responsible for business liabilities. From a tax standpoint though, LLC income and expenses pass through to the members, who must report this information on their own tax filings.

• Sole Proprietorship. A sole proprietorship is the simplest business entity type. This can be a great choice if you will be the only person investing in and running the company. Sole proprietorships are quick and inexpensive to form. With a sole proprietorship, income and expenses are reported on your individual tax returns, so business owners don’t need to worry about complex filing or notice requirements. However, with this structure, all the risk falls on the sole proprietor.

• Nonprofit. If you want to create a company whose mission is religious, charitable, scientific, or educational, your corporation formation attorney can help you establish a nonprofit organization. In addition to state registration requirements to form an Oklahoma corporation, this type of entity requires complex IRS filings to obtain non-profit status. The entity will be responsible for annual filings to report revenues.

 

How an Experienced Business Formation Lawyer Can Help

 

Your corporation formation lawyer will play a key role in helping you turn your dream of starting a business into reality. In addition to helping you evaluate various business entity structures, your attorney can offer advice and guidance related to your specific industry, helping ensure you meet all additional regulatory and licensing requirements. Business formation services also include helping new business owners understand and meet their tax obligations.

 

Proper formation of business entities also involves drafting and filing legal documents, preparing contracts and agreements, and meeting employment law rules and standards. Your company formation lawyer will work to make sure your company complies with these requirements.

 

Choose a Trusted Business Formation Attorney in OKC

 

Starting your own business can be stressful, but it does not have to be. At Goodnight Law, we are proud to be a business formation attorney OKC entrepreneurs trust for sound legal advice and reliable services. Let us help you navigate the complex, and often grueling, process of forming a business entity in Oklahoma. To take the first step toward successful business formation, contact us today!