WHY DOES EVERY LLC NEEDS AN OPERATING AGREEMENT? The Operating Agreement for a LLC is the essential document that is referred to when issues and lawsuits concerning the LLC need to be resolved. The Operating Agreement is by far the most important and essential document for your LLC, and when you form an LLC, you should… Continue reading The Importance of an Operating Agreement
Most business owners know to keep their business assets separate from their personal assets. However, there are many small business owners that do not. This is a bad idea, both legally and logistically. If you have paid the money to an attorney or to the government to set up a business entity, whether a L.L.C.… Continue reading Commingling of Business & Personal Funds (And Why It Is A Bad Idea)
Many people do not know what an S-Corporation is, and how their business can take advantage of the taxes associated with such an entity. Let's go through this sometimes elusive business entitty today on Tulsa Estate Planning Blog. An S Corporation is defined by the Internal Revenue Service, and business entities that select this kind… Continue reading What is an S Corporation?
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… Continue reading What is a Limited Liability Company?