Are you considering starting a business. Oklahoma recognizes
several kinds of business organizations. Generally speaking, there
are two reasons to form a business entity. The first is for tax
purposes and the second is for protection from liability. Under
Oklahoma law, when a person does business outside of a corporate entity,
that person is personally liable for any actions that
damage another person. If two people do business together, they
may be viewed as a general partnership. Members of a partnership
are liable for the actions of of the other members of the partnership.
Oklahoma recognizes several business entities such
as: Corporations, Limited Liability Companies, Limited Partnerships, and
Limited Liability Partnerships. Oklahoma also allows a business
entity to have one or more trade names. Which one is right for you
is dependant upon
your needs and the type of business in which you are engaging.
In addition to the advise of an attorney, I strongly suggest that you
also seek the assistance of a Certified Public Accountant for tax
purposes and bookkeeping. Contact me and let's discuss the entity that is right for you.
Sometimes people want to engage in an activity that
is for the good of the community or provides some benefit. Some of
these are charities, food pantries, historical re-enactments, or various
types of clubs. These clubs rely on donations to enable them to
fulfill their purpose. But when people make donations, they often
want to get a tax deduction for their donation. That can happen if
the company is a 501(c)(3). Further, the organization may then
qualify for a tax exemption under the laws of Oklahoma that could be of
further benefit - like a sale tax exemption. We can help you
determine of your organization, business, or club might quialify and
assist you in obtaining that "non profit" or "tax exempt" status.
