Limited Liability Corporations Proposed

Article excerpt

Two bills introduced in the Oklahoma Legislature would give professionals such as lawyers, accountants and doctors the right to form limited liability corporations.

Senate Bill 590 and House Bill 1357 would include professionals among the entities which could organize under limited liability corporations.

Current Oklahoma law does not forbid professionals from forming limited liability corporations, but it does not specifically allow them to, said Carlos E. Johnson, chair of the Government Relations Committee of the Oklahoma Society of Certified Public Accountants.

Professionals who have wanted to form limited liability corporations in the past have been advised not to because of how the law reads, he said.

Limited liability corporations allow the tax advantages of a partnership with the liability attributes of a corporation.

A limited liability corporation is owned by its members.

Unlike owners of limited or general partnerships, members of a limited liability corporation do not take the risk of personal liability for the failure of the business. …


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