Oklahoma Mechanics and Materialmen Liens

Oklahoma law grants a lien (referred to as a “Mechanics and Materialmen Lien” or “M&M Lien”) to any person or company who performs labor or furnishes materials or equipment as part of work to improve privately-owned real property (or its improvements). This is true only so long as the materials or equipment are supplied under an oral or written agreement … Read More

LLC or Corporation: The Tax Perspective

One of the common questions from new business owners is, “should I form a limited liability company (LLC) or a corporation?” Although there are non-tax (e.g., legal) issues that should be considered, in this article we address entity selection from a tax perspective. After LLC’s became common, the IRS decided to let taxpayers choose how they wanted their entity to be … Read More

Employee or Independent Contractor?

The main difference between an employee and an independent contractor is the control of the work process. In an independent contractor relationship, the hiring party controls only the end result and the independent contractor controls how the work will be performed to achieve this result. By contrast, in an employer-employee relationship the employer controls both the end result and how … Read More

Asset Protection and the Oklahoma Series LLC

Asset protection is the use of available laws and techniques to (1) protect assets from liabilities arising outside of the assets being protected (“outside-in” protection), and (2) contain liabilities generated by an asset within the asset itself (“inside-out” protection). The limited liability company (LLC) has long been recognized as a formidable “outside-in” and “inside-out” asset protection tool. However, to achieve … Read More

7 Common Legal Risks Faced by Businesses

While often overlooked by many businesses, strategic management of legal risks is essential to the long-term health and sustainability of a business. Successful business leaders who have built businesses that withstand the test of time understand this crucial truth: devoting your life, time, passion, and assets to a growing and vibrant business could be all for naught if you are … Read More

Limited Liability Company Quick Tips:

Keep the following guidance in mind to lessen the risk that you could lose the liability protection of your LLC: Keep accurate, up-to-date LLC records; When conducting business on behalf of the LLC, use its full legal name on all documents; When signing contracts on behalf of the LLC, be certain that the contract indicates that you are signing as … Read More

Organizing an LLC: First steps

An Oklahoma LLC is formed by filing a document called Articles of Organization with the Oklahoma Secretary of State and paying the required filing fee (currently $100.00). If approved, the Oklahoma Secretary of State will issue the new entity a Certificate of Limited Liability. The next step for many LLCs is to request a taxpayer identification number for the LLC … Read More

What is a Limited Liability Company (LLC) and why would I need one?

An LLC is a separate legal entity from its owners (called members) and, if formed and operated properly, provides the members with liability protection from most liabilities created by the operation of the LLC. This means that the members’ liability is limited to the amount of their investment in the LLC and, significantly, creditors of the LLC cannot reach the … Read More