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What is a Limited Liability Company?

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A Limited Liability Company (LLC) is a business entity that is created by filing with the State of Oklahoma. Members of an LLC are not liable for the debts that they accrue personally, not are they personally liable for any legal action, barring fraud among other factors.

The start up cost is minimal. You are required to file a state filing fee, and you are required to pay a yearly cost-of-doing business fee. You should have an operating agreement that outlines the way that business is conducted under the LLC that you create. An operating agreement can outline management requirements, buy-out clauses and interest transferability, among other things.

Dissolution of an LLC in Oklahoma requires filing a dissolution document with the State of Oklahoma, which is more involved than the dissolution of a general partnership or a sole proprietorship.

If you need an LLC set up, or want a consultation to see if an LLC is the right business format for you, call Skillern Law Firm today for your free consultation.

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