Tulsa Tax Law

Entrepreneur and Closely Held Businesses

As an entrepreneur, starting a new business is an exciting time but can seem like a daunting task. From product and service concepts to partners there are many things to consider. Organization structure of your new business is something that should be considered early in the planning cycle.

In the State of Oklahoma there are several organizational structures available to new businesses. Tulsa Tax Law will help you understand the advantages and disadvantages of each. Based on your short and long-term goals we will help you determine the best path forward for your new business.

Per the Oklahoma Secretary of State the following organization structures are available:

• A Sole Proprietorship is one individual in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management and fewer legal controls. However, the business owner is personally liable for all debts incurred by the business.
• A Partnership is composed of two or more persons (usually not a married couple) who agree to contribute money, labor, and/or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.
• A Corporation is a more complex business structure. As a chartered legal entity, a corporation has certain rights, privileges, and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control. Corporations may be formed for profit or nonprofit purposes.
• The Limited Liability Company (LLC) is formed by one or more individuals or entities through the Secretary of State.

We provide our first consultation to you at no cost. During this first consultation we seek to understand your specific situation and goals and make recommendations. You will leave more educated and confident knowing the steps to establishing your business.