LLCs In Oklahoma
A common question that arises when one is starting a new business is “what is an LLC?” An LLC is a limited liability company. A limited liability company is one type of legal structure a business may take in the state of Oklahoma. In the state of Oklahoma, limited liability companies are governed by statute. The statutes governing limited liability companies can be found in chapter 32 of section 18 of the Oklahoma Statutes.
Forming an LLC in Oklahoma
Limited liability companies can be formed in Oklahoma for any lawful business whether or not the business is for profit, by paying the required fees and filing articles of organization with the Oklahoma Secretary of State.
What Are Articles of Organization?
Articles of Organization must include the name of the limited liability company, how long the LLC will last, the address of its place of business, the name and address of its registered agent, and any other matters the members of the limited liability company wish to include.
When naming your LLC, it is important to remember that the name has to have either the words limited liability company, limited company, or the abbreviations LLC, LC, L.L.C., or L.C. The name of your LLC also has to be unique, so it is important to check the availability of your proposed name. This can be done by telephoning the Secretary of State at (405)522-2520, checking online at www.sos.ok.gov, or by going to the office of the Secretary of State in person.
What Powers Does an LLC Have?
Once the articles of organization become effective, the proposed organization becomes a limited liability company under the name provided in the articles. This means that the organization becomes subject to the terms expressed in the articles of organization. This also means that the LLC gains certain powers. These powers include the ability to sue and be sued, transact business, make contracts, incur liabilities, borrow money, sell or dispose of its property and assets, and acquire interests in real or personal property.
Why Form an LLC
There are a number or reasons why you might want to form an LLC. One reason to form an LLC is the ability to customize your business. LLCs are great because they are adaptable to all situations. Another reason why people choose to form an LLC is to reduce the potential for personal liability. Forming an LLC also has the potential to reduce taxes.
Contact us at (580) 234-6600 to discuss setting up an LLC.