Transactional

Waiver of Oklahoma Tax Penalties and Interest

The Oklahoma Tax Commission (“OTC”) imposes tax penalties and interest on delinquent taxes. Interest accrues at 1.25% per month from the date of tax delinquency until paid in full. In addition, a tax penalty of at least 10% shall be added. If the OTC determines negligence caused the tax delinquency, they may assess greater tax …

Why You Should Hire Franden Farris to Form Your LLC

10 reasons to hire Franden | Farris | Quillin | Goodnight + Roberts to form your limited liability company (LLC): 1. Franden Farris has extensive experience forming all types of business entities; 2. Reasonable and competitive rates; 3. The firm completes your articles of organization, operating agreement, initial formation minutes, Oklahoma business registration packet, obtains …

2014 Franden Farris Super Lawyers & Rising Stars

“Super Lawyers” in Oklahoma are nominated by their peers, evaluated by researchers who review online databases and legal publications, and information supplied by lawyers. Candidates are grouped according to their practice areas, and a point system is used to determine the winning lawyers. Joe Farris is among the Top 10 Super Lawyers in Oklahoma. Paula …

New Oklahoma Statutes Effective November 1, 2014

Oklahoma has 186 new laws going into effect on November 1, 2014.  This article will address just the statutes we might routinely encounter. This summary hits the high points; there’s too many new laws to get into detail. HB 2372 – prohibits employers from requiring access to personal online social media accounts of employees, from …

2013 Franden Farris Super Lawyers & Rising Stars

Eleven Franden Farris lawyers (85% of the firm’s practicing lawyers) are among Oklahoma’s Super Lawyers for 2013. “Super Lawyers” in Oklahoma are nominated by their peers, evaluated by researchers who review online databases and legal publications, and information supplied by lawyers. Candidates are grouped according to their practice areas, and a point system is used to determine …

Differences between an S Corp. and LLC

Both an S Corporation and Limited Liability Company provide owners personal asset protection and pass thru tax treatment, but there are differences between the entity types to consider before making your decision. S Corporation Rigid structure Bylaws Shareholder Agreement Easier to sell shares Better suited for large numbers of owners Capital calls not common Shareholder …

“Closing” Versus “Vacating” Public Ways and Easements

I.  Definition of a Public Way and Easement Perhaps the first order of business is to define a “public way” and an “easement.”  A public way is defined as “a street, avenue, boulevard, alley, lane or thoroughfare open for public use.”[i]  Note that the definition of a public way does not include public highways.  An …

Setting up a Tax Exempt Nonprofit in Oklahoma

The government likes tax money. Consequently, setting up a tax-exempt nonprofit corporation takes significantly more time, effort, and paperwork than forming a for-profit business entity. The rewards that come from gaining tax-exempt status, however, are well worth the effort. Nonprofit corporations in Oklahoma provide assistance to the needy, educate our citizens, conduct important research, and …

Overview of Title Insurance in Oklahoma

I.                   What is Title Insurance? A “title insurance policy” is any written instrument purporting to show the title to real or personal property or any interest therein or encumbrance thereon, or to furnish such information relative to real property, which written instrument in express terms purports to insure or guarantee such title or the correctness …

Encumbrances Affecting Real Property in Oklahoma

Oklahoma law provides that no insurer shall issue, permit or cause to be issued, either directly or by an agent, a binder, commitment or policy of title insurance until either the title insurance company or its authorized agent shall have obtained an opinion of title by an attorney licensed to practice law in the State …