August 11, 2022 by Adam Hoeksema
Creating a legal entity allows your startup to trade. That also entails legal obligations. Your business will include many different parts, and if your legal foundation is weak, your business will be vulnerable to various legal problems.
One of the most challenging aspects of running a business is complying with the federal and state tax code. Hiring a startup lawyer in Oklahoma with business and tax experience is vital to ensure you know your tax obligations and stay legally compliant. Businesses will have different tax needs, and your lawyer will understand them and guide you through them. Attempting to set up a business without the help of a startup attorney in Oklahoma may seem tempting. Still, it can eventually cost you more in the long run than the initial costs of doing it right from the start with a lawyer or attorney advising you.
Who Would Need a Startup Lawyer in Oklahoma?
Anyone who wants to start a business will need the legal assistance of a startup lawyer in Oklahoma. You will not request that the plumber rewire your home because it is not their area of expertise. The same is true for your legal issues—your CPA or accountant is skilled in accounting and can assist you with payroll, tax filing, and IRS audits. But not your legal issues. Your lawyer has the legal training and is well-versed in the law. As a result, anybody considering beginning a business in Oklahoma will require the services of an Oklahoma startup lawyer.
Any new business will need a lawyer by its side to look after its legal matters, whether it is looking over or drafting a new contract, registering your new business with the State, or avoiding a lawsuit. Your startup attorney in Oklahoma will also be able to advise you on protecting your intellectual property as either a seller or a buyer, making sure you follow employment laws and protecting both you and your employees.
The importance of a Startup Lawyer in Oklahoma
Sometimes, we learn lessons the hard way, but losing everything you worked so hard to achieve is not a reasonable price. It would be best if you had a startup lawyer in Oklahoma who understands the state laws and guides you with sound legal advice to trade with respect for and within the law. And an Oklahoma startup lawyer is one of the best educational gifts you can give to yourself and your new business. Rather than seeing your legal team as a liability, view them as an investment that will keep you safe and within the law—in the long run, you will avoid costly legal fees from the beginning.
Choose the Correct Business Entity—Consult a Startup Attorney in Oklahoma
Forming a business entity is straightforward but understanding the different business models is equally essential. Your Oklahoma startup lawyer is the best person to discuss these with you because selecting the wrong business entity will have long-term consequences. Are you prepared to live with those? Consulting your lawyer beforehand is wise but necessary to protect your ideas and business interests.
The most common types of business entities are corporations and LLCs.
Corporations come in various configurations, ranging from close-knit and primed for takeover by large investors. Your company's industry determines the corporation. Alternatively, a corporation might benefit both society and stockholders through earnings. Attorneys will guide you through the formation process.
LLCs are a hybrid of a formal corporate organization and the less formal arrangement seen in a partnership. An LLC can have a single owner or many members, but the most crucial component is having an operating agreement, which an experienced Oklahoma startup lawyer should draft.
Some other company formats are sole proprietorships, limited liability partnerships (LLPs), limited partnerships, and general partnerships. Each business has advantages and disadvantages. Only an experienced startup attorney in Oklahoma can provide you with the best guidance since they are familiar with state law and its ramifications.
Next, look at the top five startup attorneys in Oklahoma to assist you in assessing your company's needs and locating the perfect legal partner.
- Baysinger Henson Reimer & Cresswell PLLC
The devoted team at Baysinger, Henson, Reimer, and Creswell, PLLC, provides complete business planning services in Owasso and Tulsa, OK. As an Oklahoma startup attorney, they recognize that new businesses have objectives they wish to attain. New companies may protect their assets while achieving the desired development by doing an appropriate risk assessment. They typically assist customers with company structures such as partnerships, LLCs, and corporations and explain the benefits of each. After you've agreed on a legal structure, the team may help you draft agreements, bylaws, or articles of incorporation. Their specialized staff recognizes that legal assistance does not end with the creation and is available to assist new firms with their day-to-day legal needs.
- GableGotwals Counsel
As a startup lawyer in Oklahoma, GableGotwals Counsel has substantial experience assisting entrepreneurs in establishing and growing their businesses. Their services vary from business formation to finance, intellectual property protection, data privacy, and any other legal problems that a company may require to put them up for success. Startup companies can use the GableGotwals Startup Package to access superior legal services at a set fee.
- Schauer & Fettkether Law
Schauer & Fettkether Law, PLLC specializes in entrepreneurs and startups. Your specialist startup attorney in Oklahoma, Kirk Schauer, provides his clients with a wealth of expertise he gained from litigation, jury trials, and settlement negotiations to help companies at every level of their development. They provide competent legal assistance on local and national levels to protect, promote, and prepare companies. This firm can assist you with everything from the first phases of the organization to planning and assisting with sophisticated investments, establishing company bylaws and contracts, and even litigating business conflicts. Core specialties include business formation, acquisitions and sales, civil litigation, and intellectual property rights.
- Craig Carter & Associates
Craig Carter & Associates’ mission is to simplify the early phase of your business’s development, allowing you to focus on growing it. Businesses in the Oklahoma City Metroplex have entrusted them with forming their new limited liability corporation or other entity. Their skilled startup attorney in Oklahoma and CPA team will assist you in forming an LLC, LLP, limited partnership, or corporation. They will take the time to learn about your company and advise you on which options will best fit your startup's needs while monitoring how your company can save the most money in taxes. Apart from supporting businesses with legal concerns, Craig Carter & Associates is also ideally positioned to assist them with accounting and bookkeeping, financial planning, and the general direction of your startup.
Final Considerations and Ideas
Understanding the federal and state tax code is one of the most challenging aspects of running a business. Hiring a startup lawyer in Oklahoma with relevant tax experience is vital to ensure you know your tax obligations and stay legally compliant. They will also advise you on what type of entity you should register to reap the most benefits. While establishing your company's legal needs necessitates careful attention to detail with one of the top startup lawyers in Oklahoma, establishing your company's financial predictions does not have to be complicated.
Our one-of-a-kind method at ProjectionHub allows you to download and create industry-specific, CPA-prepared financial projections. We've done all the legwork so you can focus on growing your business. You may use your financial models to give insight into your ideas to your lawyer or attorney, allowing them to assist you in picking the most appropriate business entity. The business world is your oyster if your company's accurate financial projections are impactful and well-prepared. Your startup attorney in Oklahoma will assist you in laying the best legal foundation possible.