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Category Archive - Limited Liability Company

What Is An LLC?

Well, an LLC is another name for Limited Liability Company. An LLC is a legal entity that’s set up by filing paperwork with the Secretary of State. It’s like a corporation, as far as getting it set up, and it offers protection from liability, in certain situations.

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What Are The Advantages Of An LLC?

An LLC is normally best for someone that has liability associated with a business that they’re running. If they have employees or matters outside of their control, an LLC may be beneficial to help insulate the owner from certain liability.

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Do I Need To Set Up An LLC?

Everybody’s different and each situation is different. You would really need to sit down with an attorney and evaluate what your exposure is and decide if it’s beneficial to you.Everybody’s different and each situation is different. You would really need to sit down with an attorney and evaluate what your exposure is and decide if it’s beneficial to you.

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What Is The Difference Between A Corporation And An LLC?

An LLC or Limited Liability Company is relatively new, meaning within the past say 15 years here in Oklahoma. Corporations, on the other hand, have been around since before statehood. Both entities offer protection against liability in certain situations. We find that most people now are setting up LLC’s instead of corporations because they are easier to manage and less paperwork.

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Should I Set Up A Corporation Or An LLC?

That’s probably not a problem. You can file paperwork with the Secretary of State to get a trade name, which is a name protected in the State of Oklahoma. That would allow you to use that trade name in your business.

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