One primary advantage of forming a limited liability business organization, whether a corporation, limited liability company, or limited liability partnership, is to protect the owners’ personal assets from the entity’s liabilities. Forming the entity involves filing organizational documents with the Oklahoma Secretary of State. But, much more is required to maximize the advantages of limited liability business entities. We advise clients on the best structure for their business, the best way to fund their entity, and how to effectively operate their business to protect the limited liability shield it offers.
Further, misunderstanding among owners of the business can often be avoided through (a) open dialog at the beginning of a business venture and (b) well-drafted business governance policies. And, if the owners reach an impasse on a significant business decision, a previously drafted exit strategy can often save a business from demise and save an owner’s investment in the venture.
Every business enters into contracts. Often, the success of the business depends on the language of its contracts. Having the assistance of effective counsel is of utmost importance when (a) negotiating contract terms and (b) drafting contracts. Further, if the other contracting party is not complying with the terms of the written agreement, having counsel involved early in any contract dispute will often prevent a bad situation from becoming worse.