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NAME AND LEGAL STRUCTURE
As the owner of a sole proprietorship, you will be personally liable for any debts or taxes of the business or other claims against the business.
Partnership is similar to proprietorship except there are two or more owners. All partners are legally responsible for the debts, taxes, and other claims against the company.
A limited partnership is governed by the law in a different manner. A limited partnership must be registered with the Secretary of State, 405-521-3911.
CORPORATIONS
Corporation exists as a separate "Legal Person" apart from the people who manage and operate the business. If you are going to operate your business as a corporation, you must receive a certificate of incorporation from the Oklahoma Secretary of State's office 405-521-3391. That office will provide you with information and forms necessary for organizing an Oklahoma Corporation. Before a certificate can be issued they will search their records to make sure that there is no name duplication. Corporations are also required to file an initial franchise tax return within thirty (30) days of incorporation. No taxes are due between the time of incorporation until the following June 30th. Each year thereafter you will pay a franchise tax as a tax for the privilege of operating as a corporation. The appropriate form for your business should be considered carefully. You may need to seek the advice of a certified public accountant and/or attorney in making this decision.
LIMITED LIABILITY COMPANY
Limited liability companies are treated like corporations for limited liability purposes but are treated as partnerships with the advantages of pass-through taxation for federal purposes.