Q: Is it possible to transfer a trade name from sole proprietorship to partnership in Oklahoma?
In Oklahoma, can a trade name registered under a sole proprietorship be transferred to a partnership? Bob, who owns a sole proprietorship using the trade name 'B&D Construction,' plans to form a partnership with Dave and use the same trade name. Is this transfer possible, and what steps might be involved?
A: Yes this is possible. You would do that all through the Secretary of State or you can hire an attorney to take care of all the paperwork for you.
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A:
Yes, in Oklahoma, you can transfer a trade name from a sole proprietorship to a partnership, but it requires specific steps to ensure the transition is legally recognized.
First, Bob and Dave should establish their partnership by drafting and signing a partnership agreement. While Oklahoma doesn't mandate filing this agreement with the state, having a written document clarifies each partner's roles, responsibilities, and profit-sharing arrangements. Obtaining an Employer Identification Number (EIN) from the IRS is also essential for tax purposes and opening a business bank account.
Next, to transfer the trade name "B&D Construction" from Bob's sole proprietorship to the new partnership, they need to file a new "Partnership Fictitious Name Certificate" with the Oklahoma Secretary of State. This process involves submitting the appropriate form and paying a $50 fee. It's important to note that trade names (or DBAs) in Oklahoma are registered to specific business entities and aren't directly transferable between different entity types. Therefore, registering the trade name anew under the partnership ensures legal compliance and protects the business's branding.
By following these steps—formalizing the partnership and registering the trade name under the new entity—Bob and Dave can continue operating as "B&D Construction" without legal complications. Ensuring all paperwork is accurately completed and filed will help maintain the business's continuity and public recognition.
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