A sort of business structure known as a sole proprietorship is one in which the owner and the company are viewed as being identical. This implies that the owner is liable for the company’s obligations and liabilities on a personal level. Simply put, the owner’s personal assets are at danger if the company accrues debt or is sued.
In a sole proprietorship, liability may result from a number of different things, including contractual obligations, torts, and statutory infractions. The owner will be held personally responsible for any losses suffered by the other party, for instance, if a sole proprietor enters a contract on behalf of the company and the company is unable to meet its responsibilities. Similar to this, the owner may be responsible for damages if a client is hurt while on the business property. Setting up an LLC in Oklahoma
Making the decision to establish an LLC can be smart if you’re wanting to launch a business in Oklahoma. LLCs offer some protection from personal liability for the owners. You must submit Articles of Organization to the Oklahoma Secretary of State in order to establish an LLC there. This document is being filed for $100. After the Articles of Organization have been submitted and approved, you must draft an Operating Agreement for your LLC. The management of the business and the owners’ rights and obligations are described in this document. Although it is not needed by law, an Operating Agreement is strongly advised.
In Oklahoma, you can ask the Secretary of State’s office for a copy of your LLC certificate. This request can be sent by mail or online. A certified copy of your LLC certificate will cost you $15. Permits in Oklahoma
Depending on the kind of permit you require, Oklahoma’s permit fees change. For instance, the price of a building permit can range from $35 to $200 depending on the construction’s value. A permit for a fair or amusement ride might cost anything from $50 to $200. To find out the precise price of the permit you require, it is recommended to contact your local government office.
Vendor Use Tax in Oklahoma Tangible personal property acquired outside of Oklahoma and brought into the state for use, storage, or consumption is subject to the Oklahoma Vendor Use Tax. You must collect and remit Oklahoma Vendor Use Tax if you are a vendor who sells tangible personal property to clients in Oklahoma but does not have a physical presence there. This tax is now levied at a 4.5% rate.