This is one of the questions I hear often, particularly because services like Legal Zoom make so much hay with pricing. So I thought to myself:
Why not share my pricing, plus what you actually get for the price?
While this isn’t the price in every case because some cases are different, this scenario covers most situations.
My price for a forming an Oklahoma limited liability company is typically $800.00. What do you get for this price?
Articles. The Articles of Organization contain the basic information about the LLC: Name, Resident Agent, and the persons managing the company and are filed with the Oklahoma Secretary of State. The Articles do not contain any ownership information on the LLC.
Operating Agreement. The Operating Agreement is the most important document of the LLC. It governs the management of the LLC, the allocation and distribution of profits, duties of the Managers and Members, voting, procedures for transfers of Membership Interest and various tax-related matters. An Operating Agreement can enhance the asset protection features of the LLC, or it can weaken them depending on the provisions. Also, various Operating Agreement provisions can also cause negative tax consequences.
Tax ID & Elections. In most circumstances, an LLC requires a Tax ID Number from the IRS. Essentially, it is the equivalent of a social security number for the LLC. Bank accounts should be opened with this Tax ID and all LLC business should be conducted under this Tax ID. Additionally, an LLC should file the appropriate tax classification election during the setup phase to ensure that the LLC receives any intended tax benefits. However, as we discussed in this matter, because you are the sole owner of the LLC, you will likely not need to make any separate tax elections.
Membership Certificates/Transfer Ledger. Membership Certificates manifest ownership in the LLC. An LLC does not have Members until Membership Interests are issued. That means that there must be some manifestation of intent to issue the Membership Interests, either in the Meeting Minutes or in the signing of the Certificates. This issue is important when it comes to tax issues because the failure to issue Membership Interests can drastically and negatively impact tax liability. Ownership in an LLC is called a Membership Interest. In a corporation, ownership is called stock; in an LLC it’s called Membership Interest. LLC Membership interest is expressed as a percentage.
Statement of Authority. This document lays out the specific actions that the Member or Managing Member of the LLC is authorized to take on behalf of the Company. This document is often helpful when dealing with banks or title companies who are checking to see if a particular person is authorized to sign documents on behalf of the Company.
Standard Non-Disclosure Agreement. A fundamental necessity for any company seeking to protect its intellectual property, this battle-tested Non-Disclosure Agreement provides a foundation for protecting private and confidential information.
Standard Employment Agreement. It pays to have it in writing with your employees. This way, both the employer and the employee know what the deal is. You can do this with the Employment Agreement which has been tested and refined in many scenarios.
Standard Independent Contractor Agreement. Most small businesses use the services of independent contractors. As with the employment relationship, it is helpful to document the Independent Contractor relationship in writing. You can achieve this with the simple Independent Contractor Agreement I provide.
Free Telephone Calls. As you get your business up and running, you need some more guidance on legal issues. I am happy to provide some help by talking to you on the telephone for no charge, for the first six months after we set up the company.
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