Do You Need a Lawyer to Transfer or Restructure Business Ownership in Oklahoma?
The legal implications for such arrangements in OklahomaBy Super Lawyers staff | Reviewed by Canaan Suitt, J.D. | Last updated on March 3, 2023
Use these links to jump to different sections:
- Know Implications of Selling, Transferring, or Restructuring a Business
- An Oklahoma Business Lawyer Will Protect Your Financial Interests
Are you thinking of transferring the ownership of your business entity or fundamentally restructuring the company? If so, it is crucial as a business owner that you take the proper steps to protect your legal rights and financial interests.
Even for small businesses, transfers and restructuring are complicated. In this article, you will find an overview of the legal implications of the transfer or restructuring of a business in Oklahoma.
Know Implications of Selling, Transferring, or Restructuring a Business
There are many reasons why you may want to have a transfer of ownership or restructure your business. For example, a business may need to change its legal structure as it grows or takes on new challenges. The Oklahoma Department of Commerce notes that the six primary business structures are:
- Sole proprietorships
- General partnerships
- Limited partnerships
- Limited liability partnerships
- Limited liability companies (LLCs)
- Corporations (S-corporations and C-corporations)
Alternatively, you may want to sell part (or all) of your business in order to focus on other personal or professional opportunities. Regardless of your goals, there are a lot of issues to consider with a transfer of ownership interest or restructuring. Among other things, the implications of transferring/restructuring a business include:
- Cash Flow and Other Direct Financial Implications: The numbers matter. If you are selling part or all of your ownership stake in a business, you need to carefully weigh the financial implications. Make sure you know what you are getting out of the transaction when it is finalized.
- Tax Implications: A transfer or restructuring of a business could have tax implications, both for your company and for you on a personal level. Make sure you have reviewed your tax return and assessed all of the potential tax implications before moving forward.
- Liability Implications: Different types of business structures offer different forms of liability protection. If you are preparing to fundamentally restructure your business, it is crucial that you pay careful attention to the liability risks.
- Risk of Legal Dispute: Business sales and business restructurings have the potential to end in conflict. In the worst cases, this can cause serious financial damage to multiple parties. By making sure that your business transaction is handled properly, you will put yourself and your business in the best position to avoid costly disputes.
An Oklahoma Business Lawyer Will Protect Your Financial Interests
Business transactions are complicated—especially for transactions that alter the ownership stake and/or fundamental structure of the company. It is imperative that these types of business maneuvers are handled properly. Even a seemingly small error could cause serious problems by derailing an agreement and/or undermining your financial interests.
The role of a business law attorney is to help you understand your legal issues, ensuring that the transaction proceeds without problems and in compliance with federal and state law. If you have any questions or concerns about selling, reorganizing, or how to transfer business ownership, an experienced Oklahoma business and corporate law attorney can offer legal advice. For more information on this area of law, see our overviews of mergers and acquisitions and business and corporate law.
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