Oklahoma Business Formation Questions & Answers

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

1 Answer | Asked in Business Formation and Business Law for Oklahoma on
Answered on Jan 8, 2019
Reece B. Morrel Jr's answer
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 "fiduciary" duty which covers such situations.

But I have several other concerns. For example, is the partner using the same tax id number? If so, this could cause problems when it comes time to file...

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?

1 Answer | Asked in Business Formation, Real Estate Law and Landlord - Tenant for Oklahoma on
Answered on Nov 12, 2018
Doak Willis' answer
That would mean the contract has become inoperable due to a term thue each party being released from the contract.

Q: What if something happens if you offer a general warranty deed and later dissolve your llc in oklahoma?

1 Answer | Asked in Business Formation, Business Law and Contracts for Oklahoma on
Answered on Mar 16, 2018
Benton R Patterson III's answer
I would speak with your title insurance company about this. In most cases, it is the title insurance company that ends up handling problems with deed warranties rather than the seller individually.

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

1 Answer | Asked in Business Formation and Tax Law for Oklahoma on
Answered on Feb 13, 2018
Richard Winblad's answer
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 other thing of value, sells, brokers, exchanges, rents with option to purchase, or offers or attempts to negotiate a sale or exchange of an interest in used motor vehicles, or who is engaged wholly or in...

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

1 Answer | Asked in Business Formation for Oklahoma on
Answered on Dec 31, 2017
Richard Winblad's answer
Congratulations: The Oklahoma Tax Commission has a guide. See

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwj7iYzOvrTYAhXFKyYKHbkcBPcQFgg2MAI&url=https%3A%2F%2Fok.gov%2Ftax%2Fdocuments%2FVendingMachineGuide_sm.pdf&usg=AOvVaw14M8B-saORK1qTViM153ul

Keep in mind federal taxes as well. If you have any concerns about personal liability you may consider forming a "Limited Liability Company" or corporation.

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

1 Answer | Asked in Business Formation, Business Law, Civil Litigation and Mergers & Acquisitions for Oklahoma on
Answered on Dec 31, 2017
Richard Winblad's answer
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. http://www.oar.state.ok.us/oar/codedoc02.nsf/frmMain?OpenFrameSet&Frame=Main&Src=_75tnm2shfcdnm8pb4dthj0chedppmcbq8dtmmak31ctijujrgcln50ob7ckj42tbkdt374obdcli00_

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