A Look At Business Formation
Starting a business can be an exciting challenge. Once you get the wheels turning, it can be easy to let some important formalities slip by the way side. Some of these formalities are more important than others. One of the most important things you can do when starting a business is make sure you choose the correct business structure.
Options vary from partnerships to corporations. The most popular structure is the limited liability company or LLC. LLCs are popular because of their flexibility and the limitation of liability to the owners’ investment. Owners of an LLC are called members. LLCs can be single member entities or multi-member entities. To create an LLC, Articles of Organization must be filed with the Oklahoma Secretary of State. You will also need an operating agreement which sets out how the company will be run and how income will be distributed. In most circumstances, you will also need a Federal Employment Identification Number to open a bank account.
Get your new business started on the right foot. Call Elwell & Spain today to schedule a free consultation.