Formation of LCC
Getting Help for Your Limited Liability Company
Your limited liability company (LLC) is a flexible enterprise that fits your needs and goals for business. Despite this, it still operates under strict state and public requirements. Making your company a legally operating business shouldn’t be overwhelming, and with the help of skilled business lawyers, you should be able to have it off the ground relatively quick. While each LCC is considered on a case by case basis, they are generally easier to form than most people assume.
At The Law Office of Bryon J. Will, P.L.L.C., we make sure are clients complete all of the necessary requirements to be considered a legally approved LCC. Some of these range from choosing a business name that complies with Oklahoma LCC standards to obtaining the appropriate licenses needed for your company. If you would like to talk to our business lawyers about getting organized help for your LCC, contact us today.
Setting up Your LCC with Our Oklahoma Law Firm
While picking a business name can seem simple, there are specific regulations that an LCC name must adhere to. The branding of your company is vital to your future success and marketability. Once you have decided on a name, you must be sure that it doesn’t violate any other business or company’s trademark. You could violate trademark law if you are not thorough in your research. Once you have settled this, you will need to file articles of organization with the Oklahoma Secretary of State and pay the specified fee. You will need to include your LCC’s name and address, terms for existence and the contact information of the registered agent. You will be required to appoint an agent for service of process in the state, which is the individual or business entity that will be accepting legal papers on your behalf if sued.
Your LCC’s Operating Agreement
While Oklahoma doesn’t require a LCC operating agreement, it is advised and extremely beneficial to have one in place. Creating your LCC operating agreement is important for setting out the standards and rules for ownership and operation for your business. You should aim to include the member’s percentage of interest in the business and their rights and responsibilities in the agreement. Other important measure to include are the member’s voting power, rules for meetings and vote taking, how the LCC will be managed and the allocation of profits. Having “buy-sell” provisions will help regulate situations where a member wants to sell their interest or experiences an accident leading to death or disability. The operating agreement is a vital key to the way an LCC operates and can help the functionality to remain successful.
Maintaining Your LCC
After you have gone through all the steps to submit a name, articles of organization and other information needed to form your LCC, you still need to pay attention to business standards. You need to comply with certain taxes and regulations, such as obtaining and EIN or Employer Identification Number. Depending on the type of business and number of employers you will have, this will be different. With a one-member LCC, you need to have an EIN if you are being taxed as a corporation instead of as a sole proprietorship.
Business licenses will be required for certain types of LCCs and should be looked up per local area. There are zoning permits, seller’s permits and other business licenses that may be required, depending on the company. Oklahoma requires all authorized LCCs and foreign LCCs to file an Annual Report with the Oklahoma Secretary of State. If the report is filed on the wrong date or past the designated time there are penalties. Having experienced and organized business attorneys who are able to walk you through the steps of forming your LCC may help ensure the success of your company.
Fill out a free online case evaluation today to get started on ensuring the success of your LCC’s future.