small business formation

Have an idea for a business? Where do you start transforming that idea into a business? Determining business formation is one of the first and most important steps to starting a business in Oklahoma. It can make a difference in terms of taxes, liability, profitability, growth, and more. Getting it right from the very beginning is critical.

At Pritchett Law Group, we will review your business idea with you and advise you on all your best legal options. From that point on, our business attorney will guide you through the process, proactively making sure you have all the forms, documentation, and other necessary information and strategies in place for a successful venture. Contact our business lawyer today at (918) 509-3891 to schedule a consultation.

When forming a business, one of the first and most important decisions to make is the structure you will use. A business structure is the legal classification of a business that determines taxes, liability, and other legal rights and responsibilities. 

A range of business structures is available, including:

• Sole proprietorship
• General partnership
• Limited partnership
• Limited liability company (LLC)
• Corporation 
• Cooperative 

The best business structure for your business depends on a range of different factors. 

A business lawyer can advise you on a range of issues when forming a business.  

1. Choosing the right structure for your business -  Choosing the right structure is the key to building a strong foundation for your business and its future growth. A business lawyer can advise you on the pros and cons of each structure available to you, relevant to your circumstances. 
2. Industry specific advice -  A business lawyer can give you advice specific to the industry in which you operate, as well as the product or service you're offering. This includes assisting you with understanding the applicable regulations and any necessary licenses or permits.  
3. Drafting and negotiating legal documents -  Business formation typically involves the preparation of a range of documents, such as business registration papers, intellectual property registrations, and other commercial documents. A lawyer can assist you in accurately drafting these documents. Importantly, a business lawyer can draft legally binding contracts or negotiate the terms of a contract to benefit you and your business. These are essential to many aspects of running a business, for example, partnership agreements.
4.  Understanding your tax obligations -  Failing to properly understand your tax obligations can result in significant tax liability down the track. Taxation is a complex area so engaging a business lawyer, along with a qualified accountant, is the best way to ensure compliance. They can also advise you about what tax breaks, credits, and deductions are available based on your business' structure and circumstances. 
5. Employment law -  If you hire employees, you must comply with a suite of employment laws and regulations. A business lawyer can help you navigate these and draft effective employment contracts that protect both you and your employees. Termination especially can be a legal minefield, so reliable legal advice on this is essential. 

This will help protect both your interests and your business's interests in the future.

If you are considering starting a new business in Tulsa, our business lawyer can help you make strategic decisions. Contact Pritchett Law Group today to schedule a consultation. You can either fill out our online form or call us at (918) 509-3891. We look forward to helping make your new business a successful one.