Starting your own business in Oklahoma is an important time. Being a business owner is a way of of making money for yourself and making it your way. Starting your own business in Oklahoma will help you to finally offer your product or service to the world and receive compensation for it. There will be many things on your to-do list in the weeks and months leading up to officially starting your own business, and it may seem overwhelming at times, but there are a few legal considerations you will need to think about.
Legal Checklist For Starting Your Own Business
As you are considering opening your own business, there may be significant legal considerations that you will need to take into account. Depending on your business type, some of these may not apply to you, or they may take longer than anticipated for your industry. This list will be a starting point for some of the legal parts of starting your business. Consulting with a business attorney can help put your mind at ease when starting your own business and ensure you are prepared for whatever your business might throw at you.
- Use The Proper Business Entity
When you start your business, you must make sure you use the proper business entity to protect yourself and your assets. A small business could either be a sole proprietorship, partnership, LLC, or corporation. An LLC or corporation will give you more personal liability protection if something should go wrong.
It is also essential to consult with a tax professional to ensure you are prepared for the tax consequences of each type of entity you may choose. Once you decide on the kind of entity that is best for your situation, you may need to file specific paperwork with the secretary of state in Oklahoma.
- Check For Additional Business Licenses
Depending on the particular type of business you plan to operate, you may need to obtain additional licenses or permits from your city, county, or state governments. You may need specific food service permits, liquor licenses, or safety permits like fire inspections.
These licenses will vary based on the business you plan to operate. Before setting a goal opening date, you will want to contact your local government to determine what type of licenses are needed in your area. We can help you choose the proper permits you need based on your specific business.
- Purchase Workers’ Compensation Insurance
If you are hiring people in your business, you will need to purchase workers’ compensation insurance. This coverage will cover any medical and legal costs associated with work-related employee injuries and illnesses. In Oklahoma, all employers who have either part-time or full-time employees must carry workers’ compensation insurance on all their employees. It is crucial that this coverage is in place for the first day you have employees working on your premises.
When You Are Ready, Our Business Attorneys Are Here For You
If starting your own business in Oklahoma is your plan we can help. When you have decided to start your own business, you will have numerous decisions to make. From deciding your business structure on to complex litigation our business attorneys can help you navigate all the stages of your business and set you up for success. You are the creative brain behind the business; let us do the legal stuff for you. The attorneys at Kania Law Office are ready to help you. Call (918) 743-2233 today to schedule your appointment or contact us online.