When starting a business, choosing the right structure is important for various reasons, including taxes. The structure you choose can significantly impact how much you pay in taxes and how you report your income. Sole proprietorship In February 2024, 436,358...
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What is the Corporate Transparency Act?
The Corporate Transparency Act became effective on January 1, 2024. Yet many people are still unaware of how it changes financial and reporting obligations for specific business owners. If you run a company, it is important to understand how this law might impact your...
How to handle a breach of contract in your business
When running a business in Oklahoma, encountering a breach of contract is a serious issue that requires immediate attention. Contracts are essential for various business transactions, and when one party fails to fulfill its obligations, it can disrupt business...
Incorporating your small business
Launching a small business in Oklahoma is an exciting venture. You want to have every chance of success. Incorporating your new company offers numerous advantages and can contribute to its long-term stability and growth. Enhanced credibility and professionalism The...
Safeguarding your business in the face of a partner’s passing
In 2021, the U.S. Small Business Administration reported over 362,000 small businesses were operating in Oklahoma. A common formation for small businesses is a partnership. When running a business with a partner, it is important to plan for all eventualities,...
How to choose the right business structure
The Oklahoma Department of Commerce reported 29 29 new companies in the state with 77 existing businesses planning expansions in 2022. With business booming, you may feel it is the right time to start your own company. Before you can begin the process, you will have...
2 sources of financial loss in a business acquisition
The goal of a business acquisition is typically to expand operations and generate revenue. A specific acquisition may occur because the business doing the purchasing wants to obtain a manufacturing facility, specific talent employed by a competitor and/or intellectual...
A guide to business formations in Oklahoma
Oklahoma business law requires companies to have a valid formation document when registering with the state. It is important to review the various business forms available and be aware of the advantages and disadvantages each offers before making a decision on the...
Mediating business disputes
Mediation is one of the most common dispute-resolution tools available for businesses and individuals in Oklahoma. It does not have legal requirements associated with the process like arbitration or litigation. But it does provide experience, a fresh perspective, and...
What is due diligence in acquisitions in Tulsa, Oklahoma?
Buying a company is always challenging, but due diligence can make it considerably more manageable. Due diligence is conducting a thorough investigation of a target company to ensure that the purchase is sound and that you'll take advantage of all of the company's...