What does the IRS say about Oklahoma limited liability companies?

From my recent experience I can tell you that when people are considering what type of entity to create, Oklahoma limited liability companies are vastly outpacing Oklahoma corporations.  With the limited liability companies the most common form of entity I see, it seems like a prudent idea to provide some additional material about the limited liability company.  The Internal Revenue Service is helpful with this idea in that the IRS provides a basic description of how it classifies entities. 

Below is a diagram I created summarizing the IRS’s characterization of a limited liability company:

 

Posted by Shawn Roberts

I write about and try to answer practical Oklahoma legal questions. I tend to focus on estate planning and business issues. I make a living as an attorney working for Resolution Legal Group in Oklahoma City. I am husband to Amy and the father of Sam and David. We live exactly in the path where the "wind comes sweeping down the plains."