ENTITY FORMATION ATTORNEYS IN NORMAN

Entity Formation Lawyers in Norman

Every year, new and existing business owners across Oklahoma turn to entity formation attorneys in Norman for help in properly organizing and forming their businesses. Entity formation is the process of creating a legal structure for a business which sets out the rights, responsibilities, and liabilities of its owners. This is important because it provides the framework for how the business will be managed and how it interacts with the public, creditors, and other entities. 

If you need help with entity formation this year, contact Ball Morse Lowe, one of the top entity formation attorneys in Norman. Our experienced team can help you choose the best structure for your business and ensure that it is properly registered with the state. We can also help you draft the necessary documents and agreements to protect your interests as business owners. 

Types of Entity Formation 

The most common forms of entity formation are the Limited Liability Company, the Corporation, and the Sole Proprietorship. Each entity type has its advantages and disadvantages, and you'll get a brief idea of all this information below. 

Limited Liability Company (LLC) - This type of entity formation is popular among small businesses. An LLC protects the owners from personal liability and allows them to pass income tax on the business through their personal income taxes. It also has limited formalities for the governance of the company, making it easier to manage. 

Corporation - A corporation is a legal entity separate from its owners, which means it has the power to enter into contracts, own property, and sue or be sued. This type of entity formation is most suitable for larger businesses with multiple owners and complex operations. 

Sole Proprietorship - This is the simplest type of entity formation, and it doesn't require any filing with the Oklahoma Secretary of State. It's easy to set up and manage, but it doesn't provide any protection from personal liability for the owners. 

Why You Need an Entity Formation Attorney in Norman 

If you're starting a business, you must consult with an entity formation lawyer in Norman to ensure that your entity is properly structured and compliant with Oklahoma's laws. An experienced attorney can help you understand the different kinds of entity formation, make sure you meet all the necessary filing requirements, and advise you on how to best manage your business. Your attorney will also be able to help you set up contracts and agreements with suppliers, customers, and other companies. 

Additionally, they can help you understand the tax implications of operating a business in Oklahoma. They can help you determine whether or not you should register for a state sales tax permit and file an Oklahoma income tax return. Often, even those with experience encounter questions during this process that can be answered with the assistance of entity formation law firms in Norman. 

Overall, an entity formation lawyer in Norman can be the perfect partner as you establish your business legally, protect yourself from liability, and get the ball rolling on operating a successful business. Ball Morse Lowe has a team of experienced attorneys that can provide you with attentive and knowledgeable legal advice for all your entity formation needs. Contact us today to schedule a consultation. 

How Do You Choose the Right Entity for a New Business? 

The type of entity you choose depends on your business goals and objectives. It's important to consider all the factors before selecting one that best fits your business. It's also important to consult with an experienced entity formation attorney in Norman to make sure you have all the information you need to make the right decision. 

Generally, the first consideration is the amount of personal liability protection an entity can offer. LLCs and corporations provide the most protection against personal liability, while a sole proprietorship does not. You should also consider the required formalities of each entity, such as annual meetings and maintenance requirements, to make sure that it fits your business needs. 

The tax implications of each type of entity should also be considered. While LLCs and corporations provide pass-through taxation, meaning their income is taxed at the individual level, they may also require additional paperwork and filings. Furthermore, corporations are subject to double taxation, which means they pay taxes on their own income and on the income of their owners. 

Finally, you should discuss how much control each entity gives its owners. LLCs and corporations both allow for multiple owners with varying levels of control, while sole proprietorships are primarily managed by one person. 

When to Contact an Entity Formation Lawyer in Norman 

If you're starting a new business in Norman, we recommend consulting with an entity formation lawyer immediately. An experienced attorney can help you choose the best entity for your business and provide guidance on how to properly form it. Rather than make an avoidable mistake, choose the right entity and set your business up for success. 

Why not contact Ball Morse Lowe now? 405.701.5355