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Oklahoma Business Formation Questions & Answers

1 Answer | Asked in Business Formation, Business Law, Civil Litigation and Contracts for Oklahoma on

Q: If an investor contributes more than an owner do they automatically own part of the business and right to make decisions

The investor was treated as an owner but was not officially because they were worried it would affect their food stamps/unemployment (they were employed also). The business does not have an operating agreement and the investor dissolved the business without my signature. They withdrew all the... Read more »

Bruce Alexander Minnick answered on Jun 20, 2019

Unless otherwise agreed in writing, the larger amount of money invested in a business by an investor does not mean the investor "automatically owns part of the business." However, you are throwing legal terms around without fully explaining all the important details underlying this unusual... Read more »

1 Answer | Asked in Business Formation and Business Law for Oklahoma on

Q: If partner operates 2nd clinic under same name as 1st with II does contract apply to both, entitled 2 profit from both?

Part owner of 1 clinic partner got mad at me and started operating new place under same name but II after it. Am I entitled to same payout as with 1st clinic?

Reece B. Morrel Jr answered on Jan 8, 2019

Quite frankly, I think the "payout" is the least of your concerns right now.

Obviously, the place to start is with whatever contract, operating agreement (LLC), partnership agreement or shareholder agreement (corporation) you may have. These documents frequently make reference to a...
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1 Answer | Asked in Business Formation, Real Estate Law and Landlord - Tenant for Oklahoma on

Q: What does "Null & Void" mean? Does that absolve both parties of the lease and if so would I be liable for rest of year?

Real Estate:

Can I get clarification as to the use of 'Null and Void' in the following contract stipulation? I would like to know if null and void would 'break the lease' in a way that absolves both the TENANT and the LEASER.

"Owner and Tenant have discussed potential for high... Read more »

Doak Willis answered on Nov 12, 2018

That would mean the contract has become inoperable due to a term thue each party being released from the contract.

1 Answer | Asked in Business Formation and Tax Law for Oklahoma on

Q: In the state of Oklahoma, how many cars can I sell as a private seller before I need to have a business license?

Richard Winblad answered on Feb 13, 2018

This might help:

Oklahoma Statutes

Title 47. Motor Vehicles Chapter 62A - Used Motor Vehicle and Parts Dealers

Section 581 - Definitions

19. a. "Used motor vehicle dealer" means any person who, for a commission or with intent to make a profit or gain of money or...
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1 Answer | Asked in Business Formation for Oklahoma on

Q: Hello I am a Young Entrepreneur and I was wondering what Licences and permits are needed for a gumball machine business.

I am from Pryor, Oklahoma and do not plan on hiring employees for my business.

My business plan is find a business that could use a machine, set up some terms, get them to sign a contract, and pay them a cut of the profit.

So another question I have is would I need to give the... Read more »

Richard Winblad answered on Dec 31, 2017

Congratulations: The Oklahoma Tax Commission has a guide. See... Read more »

1 Answer | Asked in Business Formation, Business Law, Civil Litigation and Mergers & Acquisitions for Oklahoma on

Q: Need to find out what the exact limitations are within the Oklahoma liquor laws. Can I open a drive thru daiquiri shack?

If an alcoholic beverage is pre made, sealed in a bottle,jug,etc. none of which has been consumed before the customer leaves the property, can it be sold in a drive thru. I need to know how I can do that within limits and loop holes of OK liquor laws.

I want to open a to-go daiquiri shack... Read more »

Richard Winblad answered on Dec 31, 2017

Never seen a daiquiri shack in Oklahoma. This would probably be considered a bottle shop since the beverage is to be consumed off-premises. Aside from local restrictions (city / county) look at.... Read more »

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